Federal Executive Council (FEC) has approved a $1 billion loan from the Chinese EXIM Bank for the 360 megawatts capacity Gurara II hydro power project, which was abandoned for 17 years. Council also approved the procurement of 200,217 meters by Yola Electricity Distribution Company under the Meter Asset Providers Scheme.
This was disclosed by the Minister of Power, Works and Housing, Babatunde Raji Fashola SAN, and his Water Resources counterpart, Suleiman Adamu, while briefing journalists at the end of the FEC meeting presided over by President Muhammadu Buhari on Wednesday at the Presidential Villa, Abuja.
According to Fashola the memorandum for the procurement of the meters was one of two the Ministry presented and got approval for at Council at a cost of N11.208 billion.
He stated that, “As you might know, Yola Electricity Distribution Company is the DISCO that was surrendered to (government) by the original holder. So it is under the Federal Government’s management. So they have theses meters under their franchise, which covers Adamawa, Borno, Taraba and Yobe states.’’
Speaking on the Gurara Hydro Power project, Adamu stated that, “The Federal Executive Council approved $1 billion Chinese loan from Chinese EXIM Bank for the Gurara II hydro power project which has the capacity to generate 360 megawatts of electricity”.