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Nairaland Forum / Nairaland / General / Politics / President Buhari Directs Kick-Off of PPI; Approves Funding (35104 Views)
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President Buhari Directs Kick-Off of PPI; Approves Funding by presidency: 4:08pm On May 27, 2020 |
President Muhammadu Buhari has directed the Ministries of Power and Finance, and the Bureau of Public Enterprise (BPE) to conclude the engagement with Siemens AG to commence the pre-engineering and concessionary financing aspects of the Presidential Power Initiative. The Presidential Power Initiative (PPI) is a power infrastructure upgrade and modernization Programme agreed to by Federal Government of Nigeria and Siemens AG of Germany, with the support of the German Government. Under the PPI, the Federal Government will on behalf of the other shareholders in the Electricity Distribution Companies invest in infrastructure upgrades in the form of improved payment systems, distribution substations, transformers, protection devices, smart meters, transmission lines, etc. All DisCos have, directly, and through the BPE, been diligently carried along over the last 15 months to understand in detail the challenges in the electricity systems. All items to be purchased were provided by the DisCos and Transmission Company of Nigeria and they will be vetted by a professional Project Management Office. The funding for the PPI will be secured under concessionary terms (up to 3-year moratorium and 12-year repayment at concessionary interest rates) through the German Euler Hermes cover, which the Federal Government will on-lend as a convertible loan to the other shareholders in the DisCos. President Buhari has approved the release of funding for the first part of Phase 1 of the PPI, to kick-off the pre-engineering and concession financing workstreams. To ensure fairness and transparency of the intervention, the President has also directed that the Federal Government engage the International Finance Corporation (‘IFC’) to assist in developing the commercial structure of the intervention under this Presidential Power Initiative (PPI), as well as in undertaking an independent company valuation of the DisCos. The President has also directed that to ensure value for money and preserve the integrity & transparency of the procurement process under the Govt-to-Govt framework, Siemens AG shall be solely responsible for nominating its EPC partners to perform all onshore works; NO middlemen. “Our goal is simply to deliver electricity to Nigerian businesses and homes… Our intention is to ensure that our cooperation is structured under a Govt-to-Govt framework. No middlemen will be involved, so that we can achieve value for money for Nigerians.” — President Buhari The PPI journey started on August 31, 2018, when Chancellor Angela Merkel visited Nigeria and met with President Buhari. Chancellor brought along with her a business delegation that included the Global CEO of Siemens. Nigeria and Germany agreed to explore cooperation in a number of areas, including Power. The Presidential Power Initiative (PPI): a. Will deliver improved power supply nationwide, with attendant results in job creation, investor confidence, cost and ease of doing business and economic growth. b. Will provide training and capacity building for thousands of young Nigerians (non-graduates, students and graduates) c. Will create economic opportunities for Nigerian engineering companies that will serve as local vendors for the provision of manpower and equipment. d. Will stimulate/encourage inflow of additional investment into the power sector. The ultimate goal of the PPI is to modernize and increase the Nigerian electricity grid capacity from about 5 GW currently to 25 GW, over three phases. 45 Likes 8 Shares
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Re: President Buhari Directs Kick-Off of PPI; Approves Funding by Ezennwa(m): 4:09pm On May 27, 2020 |
hmm! That's a good Development. 100 Likes 8 Shares |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by Afamed: 4:11pm On May 27, 2020 |
Gbam ! 15 Likes 1 Share |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by Nobody: 5:14pm On May 27, 2020 |
I have gone through Siemens Electricity Road Map, I think is a good one God Bless President Buhari God Bless Federal Republic of Nigeria 98 Likes 7 Shares |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by commoditiesnig: 6:10pm On May 27, 2020 |
Good development. The entire power sector need urgent revamp for better power supply 53 Likes 5 Shares |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by nameo: 6:17pm On May 27, 2020 |
Can the Buhari Govt pull this through?? I need to see the document to this. It sounds like a good one 32 Likes |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by Nobody: 6:25pm On May 27, 2020 |
We have TCN, discos, now siemens. Road maps and proper managements can't stand on our stinky soil of corruption. And why do we put much hope on documental strategy, not practical strategy? Because too many signatures on papers have sniffed our public funds. 26 Likes 2 Shares |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by ClassicMG(m): 6:52pm On May 27, 2020 |
myboy2111:can you share a link to that? 8 Likes 2 Shares |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by meum: 7:06pm On May 27, 2020 |
Hmmm. This is super story, life of... 3 Likes |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by recievesense: 7:06pm On May 27, 2020 |
Government wants to invest in everything about power but exclude new sources of power? Abeg make it make sense. The German company is coming from a country that pays people to use electricity due to surplus but want to come and make money here? Naija na scam 13 Likes 3 Shares |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by temptnow: 7:06pm On May 27, 2020 |
Looting continue 8 Likes 1 Share
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Re: President Buhari Directs Kick-Off of PPI; Approves Funding by Nobody: 7:07pm On May 27, 2020 |
Audio 2 Likes 1 Share |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by MANNABBQGRILLS: 7:07pm On May 27, 2020 |
God bless our darling Daddy President Muhammadu Buhari and his AMIABLE Vice President PROF YEMI OSINBAJO as they are doing all to make our once battered country work again. May God punish everyone that looted our country and took Nigeria 100 years during the period we made our highest revenue as a nation. May they all never end well wherever they may be. And if you are here supporting or taking money from any corrupt politicians, becareful, so you won't end up like them. 39 Likes 10 Shares |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by EmmaOgbu(m): 7:07pm On May 27, 2020 |
We are watching...... 2 Likes
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Re: President Buhari Directs Kick-Off of PPI; Approves Funding by phransix2: 7:07pm On May 27, 2020 |
Na this deal kill Abba Kyari 23 Likes 1 Share |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by MANNABBQGRILLS: 7:08pm On May 27, 2020 |
commoditiesnig:Gbamsolutely!! 13 Likes 4 Shares |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by MANNABBQGRILLS: 7:08pm On May 27, 2020 |
myboy2111:Amen. God bless you too. 13 Likes 3 Shares |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by MajorOvakporaye(f): 7:08pm On May 27, 2020 |
scam! stupid and useless man!!! 5 Likes 4 Shares |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by MANNABBQGRILLS: 7:08pm On May 27, 2020 |
temptnow:This is the only way the brain of a wailer works. Nothing more in there, than negativity! We understand..... Happy wailing till 2023 and beyond.... 39 Likes 6 Shares |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by NextPresido: 7:09pm On May 27, 2020 |
Is this going to provide the 24hrs electricity they promised Nigerians in 2015? 5 Likes |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by paulolee(m): 7:09pm On May 27, 2020 |
good....no even kno Y i book d space..don read d news over n over again n read few comments and still no understand the news and the .most painful thing be say i be economics student oo...man brain jus block lyk say i don drop out from school because of this covid....na wah oo 5 Likes |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by omonnakoda: 7:09pm On May 27, 2020 |
Wolgrace:But no DJ 3 Likes |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by Bigflamie(m): 7:09pm On May 27, 2020 |
Audio ... 1 Like 1 Share |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by Latidoh1: 7:09pm On May 27, 2020 |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by risos(m): 7:10pm On May 27, 2020 |
Power should drive industrialization not political ambitions. This project will fail without involving the youths 1 Like 1 Share |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by MajorOvakporaye(f): 7:10pm On May 27, 2020 |
post=90024669: shut up!!! 7 Likes 1 Share |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by Houseofglam7(f): 7:10pm On May 27, 2020 |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by Otarkpa: 7:10pm On May 27, 2020 |
Ok oooo |
Re: President Buhari Directs Kick-Off of PPI; Approves Funding by Bluffly: 7:10pm On May 27, 2020 |
Quite appaling that with the worth of education in this country and those that have studied outside and the bunch of professors we have, administrators, accountants, consultants we can't but do nothing or make something work ourselves. Imagine the worth of our wealth that will patronize the Germans Is a black man's world a dooms day? 7 Likes 1 Share |
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