₦airaland Forum

Agbegbaorogboye:
Subsidy is gone. Absolute majorityofNigerians have chosen to suffer today to enjoy tomorrow. Cry o, wail o, Subsidy is not coming back~ Parachoko aka Paraman

Who remembers that clown then

reXurrectionZA:
that is not true, that debt was over due since 2022. besides, it is a new government sir, they cannot be expected to start paying for the money that the past regime stole. Ecowas is simply looking for any chance to engage them, as a matter of fact they shouldnt even pay the debt. Let that corrupt bozum pay it up

reXurrectionZA:
Debt that was accumulated during the corrupt civilian rule, you now expect a new power to magically pay... Ecowas is a tool that facilitates the rule of useless people

mrdharkchild:
Please, I'm even tired of this site. Ban me please

The Federal Government on Tuesday officially transferred operations of the Zungeru Hydroelectric Power Plant to Penstock Limited, instead of Mainstream Energy Solutions Limited which it selected in February 2023.

Tuesday’s move is expected to “boost Nigeria’s power generation capacity and contribute significantly to meeting the country’s growing energy demands,” a statement signed by the Senior Special Assistant to the Vice President on Media and Communications, Stanley Nkwocha, read.

The statement is titled ‘FG finally hands over Zungeru Hydroelectric power plant to concessionaire.’

It comes one year after the National Council on Privatisation, on February 23, 2023, approved the appointment of Mainstream Energy Solutions Limited as the preferred bidder for the concession of the Zungeru Hydroelectric Power Plant.

However, The PUNCH observed that Penstock Limited was not one of the three companies shortlisted in December 2022 to present proposals for the concession.

That year, 11 consortiums had sent Requests for Qualification out of which three—NSP Consortium, Mainstream Energy and Africa Plus Partners—were shortlisted.

The 740MW Zungeru power facility located at the upper and middle reaches of River Kaduna in Niger State is the largest hydropower project in Nigeria. Though conceived in 1982, construction works only commenced in 2013 following a deal with two Chinese firms-China National Electrical Equipment Corporation and Sinohydro Consortium.

According to the Bureau of Public Enterprises, the project has gulped around $1.3bn, with a preferential loan facility from the Export-Import Bank of China.

With the FG providing 25 per cent funding for the project, the Exim Bank will fund 75 per cent with low-interest loans.

The facility is expected to produce 2.64bn kWh of electricity annually and meet around 10 per cent of Nigeria’s total domestic energy requirements. It was commissioned in 2023.

At the first meeting of the NCP for 2024 held at the Presidential Villa, Abuja, the council announced significant progress in the Plant concession, including the official transfer of the plant’s operations to Penstock Limited.

The Concession Agreement was signed on December 13, 2023, by the BPE and Penstock Limited.

Following Council approval, the Concessionaire fulfilled its obligation by paying 50 per cent of the commencement fees on January 5, 2024.

The official handover ceremony took place on January 23, 2024, officially transferring the plant’s operations to Penstock Limited.


Vice President Kashim Shettima who chairs the council also disclosed plans by the Federal Government to recapitalise and restructure the Bank of Agriculture BOA to bolster Nigeria’s agricultural sector and achieve national food security.

Speaking at the meeting, Vice President Shettima noted the potential of BOA to play a central role in achieving national food security, citing its extensive branch network across all senatorial districts in the country.

However, he expressed concern over the bank’s current practices, particularly its tendency to disburse unsustainable loans.

Shettima advocated the modernisation of the BOA, emphasising the need to leverage technology and upgrade branch facilities, urging that embracing modern financial systems would enable the bank to function more effectively and fulfil its vital role in supporting agricultural development.

He also alluded to the potential of the Green Imperative Project, proposing its integration with the BOA’s restructuring plans.

“For me, we can marry the Green Imperative Project while we are going to bring in assorted agricultural machinery. Every farmer should be given a tractor, harvester and other necessary machinery.

“We can take in the latest advances in science and technology and make it possible to track these items so that divergence can be minimized.

“We have no business being poor. Nigeria must attain national food security. Let us leverage science and technology. There are three or four states that can feed the whole of this country,” the VP said.

Currently, “a committee led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, is finalising a report on the BOA’s recapitalisation and restructuring, while key decisions have been made, and further updates are expected soon,” Nkwocha’s statement revealed.

The Council also received updates on the report on the sale of NITEL/MTEL property at Moloney Street, Lagos.

It was noted that efforts are ongoing to evict illegal occupants and resolve the court case on the property.

On the audit of NIPOST properties nationwide, it was noted that the BPE has provided detailed information to the Minister of Communications, Innovation and Digital Economy and the Postmaster General to assist with the ongoing Postal Sector Reform, facing pushbacks from NIPOST and unions.

On the Federal Mortgage Bank Restructuring, it was noted that the bank’s management has submitted nominations to the Implementation Committee which is expected to commence work shortly.

sirchim:
ofcourse, but was accepted in the home of the Criminal druglord, as him collect am WOTOWOTO from OBI the Tsunami, e no end there. OBI still follow am, enter capital, still make am collect another WOTOWOTO. ATIKU, finally catch am one on one for him own state of origin, finish am kpatapkata. When him see him failure, dey come like Tsunami, him rig am sharpaly as the criminal way him be, with useless EYENECK.

netricoin:
Politicians have a understanding of Nigerian which is that Nigerian are use to the lifestyle of suffering, that's why they are those who have taken Nigerian are free for granted, but they is a limitation to that, example are the end SARS protests and the buhari APC naira design and protests.
Pressure is already mounting on BAT, in the SS where I come from they have been protests in some of the States there, and they've also been protests in some of the States in the NW, SW and the NC.
When the naira cross to the 1000 mark, it was a surprise to many, it'll be a bigger surprise if BAT APC FG was to allow the naira to cross to the 2000 mark. If that was to happen, the best thing for BAT to do will be for him to resign, because it will be a good proof that BAT doesn't have the capacity to continue as president of Nigeria.

jaymichael:
It will come to that soon.

KORLAR:
Nigeria didn't ban exports to Niger republic.
If you have evidence that states otherwise, please point it out to me.

KnowAll:
Our biggest problem is Colo mentality. We think everything abroad is good. Look at how much we spend buying useless goods from china. We must look inwards.

KnowAll:
Nigeria is a mumu nation. Addicted to watching EPL. Me wey dey London never for one second sit down and watch that shit. Watching 22 millionaires play a round ball yet u don’t know where your next meal we come from.

KnowAll:
The raw material is here, crude oil, why destroy those guys cooking crude to make petrol. Just organised them into a cooperative and refine their methods. I don’t know why petrol is expensive in Nigeria.

Where are the so called modular refineries.

christistruth01:
All this is just unnecessary Drama

KORLAR:
It seems you're hell-bent on supporting criminality.

Tell me the law the person exporting his goods has broken.

Obviouslyblunt:
I highly doubt this. Money has to be made available for this, so a new bill will state policing provision must be made. These men will be trained. States will deliberate on how to protect employment. With how Nigeria is, I don’t see this being done in 2 years.

dealslip:
We worry too much on minors. There are always checks and balances in everything. Even in the US,where there are checks and balances the police is still averse to the blacks. If our security challenges is addressed up to 75%. It is more important than what the state government does to one person. His opponent or his party.

Obviouslyblunt:
true. Different state assemblies must sit and debate before signing it into law in their states. This is a process that if successful might take up to 4 years to really implement nationally.