FG Approves N263 Billion for First Phase of Presidential Power Initiative.

The Federal Executive Council has approved N262.75 billion for the first phase of the Presidential Power Initiative, also known as the Siemens Project. The funding will support power substations under the project, valued at 161.33 billion.

The Federal Executive Council has approved a total of N262.75 billion for the first phase of the Presidential Power Initiative, also known as the Siemens Project. This funding will support the construction and upgrade of power substations as part of efforts to enhance Nigeria's energy infrastructure. The project aims to improve the reliability and efficiency of the country's electricity supply system. The approval brings the total budget for the initiative to N263 billion, with this phase accounting for approximately 161 million dollars of the funds.