FEC Approves ₦13 Billion Compensation, $34 Million Transformers Procurement For Power Sector Reforms
The Nigerian Federal Executive Council (FEC) approved significant reforms to modernize the nation's power infrastructure. A key approval was ₦13 billion for compensation related to the Lagos Industrial Transmission Project, funded by a $238 million JICA loan, aiming to improve power supply to Lagos industrial areas. Additionally, FEC endorsed the procurement and installation of high-capacity transformers worth $34 million, plus ₦5.2 billion for associated costs, to replace outdated units on the national grid. Minister of Power Adebayo Adelabu emphasized the age and weakness of existing infrastructure, highlighting the reforms as crucial for grid stability, reduced system collapses, and sustainable economic growth through enhanced electricity access. These upgrades are part of President Tinubu's broader strategy to address power sector challenges, with a focus on private sector involvement.
