Power gets N72.7b as FG releases N200b Capital for 2nd quarter

Ngozi Okonjo-Iweala


 The Federal Ministry of Finance on Thursday released N200 billion capital for the second quarter of 2013.

 This will ensure further progress in the execution of capital projects captured in Budget 2013.

 In the first quarter, the sum of N400 billion was released as capital of which N335 billion has been cash-backed. Of the cash-backed portion, 65% has been utilized so far.

 Also, the Ministry confirmed that it has paid a total of N72.7 billion to the Federal Ministry of Power so far this year to cover various items in line with the implementation of the Power Roadmap. 

 According to the Special Adviser to the Finance Minister, Paul Nwabuiku, the amount includes the sum of N45 billion paid to PHCN workers as part of the power privatization programme. 

 It also includes the sum of N5 billion paid for the Multi Year Tariff Order (MYTO).

 Other beneficiaries include the Power Ministry headquarters, Power Holding Company of Nigeria, National Rural Electrification Agency, National Electricity Regulatory Commission, National Power Training Institute, National Electricity Liability Management Limited/GTE (NELMCO) and Bulk Trader.

 A breakdown of the figures shows that N59, 089,522,721 billion was paid in the first quarter while N13, 733,822,832 has been paid so far in the second quarter.




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