FG Approves $1bn Foreign Loan For Gurara Hydro Power Project

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File photo of President Muhammadu Buhari presiding over a Federal Executive Council (
By; SUNDAY ODE, Abuja
The Federal Executive Council (FEC) Wednesday approved one billion dollars loan from Chinese EXIM bank for the Gurara II hydro power project.
The project has capacity to generate about 360 megawatts of electricity, according to the Minister of Water Resources, Suleiman Adamu who briefed State House correspondent’s on the outcome of the weekly council meeting.
The Minister said council also approved N5.7bn as revised total estimated cost for the completion of Nkari dam in Akwa Ibom and N20.4bn for Ile-ife dam.
Adamu said: “The Federal Executive Council meeting approved four memos from the ministry.
The first memo, Council approved $1 billion Chinese loan from Chinese EXIM Bank for the Gurara II Hydropower project which has the capacity to generate 360 megawatts electricity.
“Council also approved N5.7 billion revised total estimated cost for the completion of Nkari dam in Akwa Ibom
“Council also approved the appointment of consultants to  resuscitate the Gari Irrigation Project in Kano/Jigawa States. Council had in 2017 approved for the resumption of the project which was earlier abandoned for 17 years. The consultant is the same appointed in 1998. The contractors are already on site
“Council also approved the revised estimated total cost of N10.4 billion for the completion of Ile Ife Dam in Osun State. The project was started in 2004 and abandoned. The completion period is 24 months.”

Also briefing, Minister of Power, Works and Housing Babtunde Fashola, said FEC approved N11.2 billion for the procurement of over 200,000 electricity meters by Yola Electricity Distribution Company under the Meter Asset Providers  Scheme.

He explained: “It is to be funded from the judgement sum that I previously briefed you about two years ago that council approved a compromise from an old meter’s supply dispute since 2003.

“So, that money is in a bank, it has been there. So, that is where these meters would be funded from and as consumers pay back the meters as they are supplied, the money goes back into that account.”

Fashola said N7.197 billion was also approved for the construction of an inter-change and pedestrian bridge at Abaji in the FCT to address the perennial problem of accidents in the area.

In his own remarks, Minister of Agriculture and Natural Resources, Audu Ogbe, revealed that the council also approved N9. 47 billion for purchase of grains to reinforce the grains reserve.

He added: “Everywhere in the world silos are owned by government into which they purchase grains at the end of harvest. The average is usually between two and three percent of all grains grown.

“In this case, we have got approval to buy 61,000 tons of maize, millet and sorghum and the purchasing will begin shortly.”

Ogbe said the council was informed that Nigerian grains posed health hazards to consumers.

According to him, “We also informed council of the problem we have with Nigeria grains especially maize, sesame and groundnut, an infestation called aflatoxin which the Minister of Health confirmed is a very big threat to the liver and the kidney of most consumers.

“Luckily, IITA has found a product which they produce in large quantities which they now send to Africa for treating the farms, the Silos and the sacks in which we put the grains to eliminate aflatoxin.

“The product which they produce is called afflasafe. We buy the grains, treat the silos and store the grains in silos so that if there is emergency anywhere in the country, or there is a shortage, a flood and there is no food, we can draw from what we have in the silos and distribute to the needy areas in the country.”

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