Sunday, August 3, 2014

FG set to boost power generation capacity to 5,000MW by December

The Federal Government has developed short term intervention strategy to add 370mmcf/d gas supply that will push up power generation capacity to 5,000 megawatts within the next five months.

This step is under a new cross sectoral approach conceived by the Ministries of Petroleum Resources, Power, National Electricity Regulatory Commission, NERC, Central Bank of Nigeria, CBN, and other stakeholders to address inadequate electricity supply in the country.

The new target of 5,000 MW is however a shortfall from the earlier projected 6000MW which Federal Government targets to achieve by December.

Minister of Petroleum and Natural Resources, Mrs. Diezani Alison-Madueke revealed this yesterday, in Abuja, while addressing a joint press conference to unveil the new development. She said the CBN would pay off N25 billion legacy debt owed to gas suppliers in order to restore confidence to stakeholders.

The minister said the government had resolved to find a lasting solution to abysmal power supply in the country.

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