FG Earmarks N77.5bn For Zungeru Power Project

Determined to tackle the power and agricultural problems of the country, the Federal Government has set aside $500 million (about N77.5 billion) as counterpart fund for the Zungeru Hydro Power Project in the North.

Vice President Namadi Sambo said this when the Divisional Manager in charge of the Public Private Partnership (PPP) section of the Islamic Development Bank, Mr Irfan Bukhari, paid him a courtesy call.

The vice president said that power and agriculture were the government’s key priorities, adding that they would be addressed squarely.

According to him, the federal government is anxious to commence the Zungeru Hydro Power Project since the documentation is ready and the only thing left is putting final touches with the bank.

Sambo added that the China EXIM Bank and the Islamic Development Bank (IDB) were funding the project, while the Federal Government had provided its counterpart fund of $500 million.

He urged the bank to look into the Mambilla Hydro Power Project which, he noted, was another important project which documentation would be completed by the second quarter of 2012, pointing out that the contract would also be awarded by the third quarter of 2012.

He reminded the bank of the discussions held between himself and the President of the bank in Saudi Arabia on the development of the irrigation sector.

Sambo said that Nigerian experts were expected to visit Malaysia and Indonesia to examine their irrigation models for implementation in Nigeria.

The vice president said that some dams had been selected to accommodate small and medium Hydro Power plants, while others were for irrigation schemes.

Earlier, the Divisional Manager in charge of the PPP in the IDB, Mr Irfan Bukhari, had briefed the vice president on the essence of their visit to Nigeria, saying that they were interested in investing in infrastructure and agriculture.