Power generation to increase by 2000megawatts in 2016 – Fashola; China-Exim bank to fund railways

Nigeria’s minister of Power, Works and Housing, Mr Babatunde Fashola, SAN on Tuesday expressed optimism that given the various plans undertaken by the government in the power sector, power generation would increase by 2000 megawatts (MW) by the last quarter of 2016.

Fashola while appearing before the Senate committee on Power and Mines to defend his ministry’s budget stated that he has initiated significant changes in the management of the power sector since resuming as minister.

The former Lagos state governor explained that the distribution of power generated is no longer within the purview of the federal government but has been taken over by private firms. He added that government has privatised power generation in a bid to gradually attain full privatisation of the sector.

Fashola stated that the transmission of power generated is presently being managed by Manitoba International of Canada.

Assistant director (Press), Power Ministry, Etore E Thomas, in a statement after Fashola’s appearance at the senate committee, quoted Fashola as saying that the 2016 budget focuses more on transmission, completion of ongoing projects, refurbishing power plants and tackling gas supply issues.

Meanwhile, Vice President Yemi Osinbajo on Tuesday stated that the federal government’s plan to raise a $25 billion Infrastructural Fund from the global community and establish long term bankable projects is already gaining traction.

“We have seen considerable favorable interests from some sovereign wealth funds and other nations,” the VP told a delegation of the Lagos Chamber of Commerce and Industry (LCCI) that paid him a courtesy call yesterday in his office in Abuja.

Osinbajo added that the China-Exim Bank has agreed to finance the railway projects linking Lagos to Kano and Lagos to Calabar.  ‘We expect these will generate some economic activities and create jobs,” he said.

Story: The Nation