Home » POWER » National Assembly to Get $62 Million for Solar Energy Out of $16.2 Billion FG Proposed Offshore Loan

National Assembly to Get $62 Million for Solar Energy Out of $16.2 Billion FG Proposed Offshore Loan

The National Assembly will benefit $62.1m from the $16.2 billion Offshore loan being proposed by the Federal government which the regime of President, Muhammadu Buhari intend to borrow from international lending agencies.

The amount, according to the report of the Senate Committee on Local and Foreign Debts, obtained by our correspondent on Thursday, would be used to construct a 17MW hybrid solar power plant.

Also, the Ministry of Women Affairs, according to the document, would also benefit from a $100m loan meant for Nigeria for Women Projects.

Buhari’s loan request was approved by the Senate on Wednesday.

The National Assembly’s $16.2bn solar project would be funded by SINOCUTE Standard Chartered Bank

The document added that, the actual amount of the project was actually $60.1m.

The report was however, silent on the details of the remaining $2m.

Part of the report read, “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 Limited and NEWTECH Global Network Limited as the Consortium at a total value of $60,120,000.“

On the $100m loan for the 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 Abia, Kebbi, Niger, Ogun and Taraba states.

“The 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 life cycle needs and to mitigate some household expenses.

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

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