africatodayonline.blogspot.com -
VENTURES AFRICA – Nigeria on Wednesday approved a loan of N15.7 billion (about $100 million ) from the Indian Import Export Bank to boost power supply in three of its 36 states. The loan used to finance power infrastructure in Cross Rivers, Enugu and Kaduna states, Dr. Yerima Ngama, the Minister of State for Finance said. "We believe that this facility will go a long way towards transforming our industrial areas and other communities as part of Mr President's commitment to economic transformation agenda.'' According to local reports, Ngama also indicated that $30 million would be allocated to Cross-Rivers state for the development of the Calabar Independent Power Project . Enugu state will get $40 million (about N620 million) for the electrification of 96 communities while $30 million will be given to Kaduna to augment the resources needed for the construction of the 70 Km transmission line from the Gurara Dam to Kaduna industrial area. Part of the fund will be used for the construction of 132 KVA and 33KVA sub-stations for power supply to the Kaduna industrial area as well as the distribution of transformers and other accessories to the 96 communities in the three Senatorial Zones of the state, according to Ngama. He said the facility was taken at 2 percent interest rate to be repaid over a 10-year period with three years moratorium.
