$16.2b Loan: National Assembly To Benefit $62.1m For Construction Of 17mw Hybrid Solar Power Plant

The National Assembly will benefit $62 million out of the newly approved $16.2billion foreign loan for the federal  government, for construction of 17mw hybrid solar power plant .

 

In the  report of the Senate Committee on local  and foreign debts on the borrowing plans , $100million is projected for  Ministry of Women Affairs for execution of unspecified  Nigeria for Women Projects (NFWP).

 

The $62.1million loan earmarked for construction of solar power plant in the National Assembly, will be funded by  SINOCUTE standard chartered bank.

 

But available document on the proposed loan and project quoted actual amount of Solar Power Plant in NASS to be $60.1million without stating what the balance of $2million will be expended on.

 

The report reads,”The Committee notes that the project includes, but not limited to construction of 17MW hybrid solar power plant for the use of the National Assembly Complex, Abuja.

 

“The Committee notes that the contract was awarded to SEPCOIII Electric Power Construction Co. Ltd and NEWTECH Global Network Limited as the Consortium at a total value of $60,120,000. “

 

On the $100 million loan from Ministry of Women Affairs, “The Committee notes that the project is intended to support livelihoods for 324,000 women over the age of 18 years in targeted local Governments in states of Abia, Kebbi, Niger, Ogun and Taraba.

 

“Committee notes that each participating state receives $15m but Edo State declined participation in the project leaving five states instead of six.

 

“The Committee notes that the objective is to assist women enhance household income through grants and to meet specific lifecycle needs and to mitigate some household expenses.

 

 

 

“The Committee further notes that the states have executed a Subsidiary Loan Agreement with the Federal Ministry of Finance, Budget and National Planning for the lending agreement.”