FG approves PPI funding with Siemens

In an effort to achieve stable power supply in Nigeria, the Federal Executive Council has approved the payment of 15.21 million Euros and N1.708 billion towards the counterpart funding for the Presidential Power Initiative, a power upgrade and modernization program between the Federal Government and Siemens of Germany, with the support of the German government.

It stated that the council’s approval is a ratification of President Muhammadu Buhari’s earlier approval, and his directive to the Ministries of Finance and Power to commence the pre-engineering and financing aspects of the Presidential Power Initiative (PPI)