President Muhammadu Buhari has approved and released $100m (N41.6bn at the official exchange rate of N415.63/$) as a take-up grant for the Presidential Power Initiative, it was gathered on Friday.
It was also learnt that the $100m was part of the $200m approved by the President for the programme, as the balance alongside additional would come on a later date.
The PPI is an initiative of the Federal Government conceived during a meeting between Nigeria’s President and German Chancellor, Angela Merkel, on August 31, 2018.
It was conceived as a three-phase initiative to rehabilitate and expand Nigeria’s electricity grid through improved generation, transmission, and distribution.
The document further stated that the Federal Government had committed to making huge initial investment under the PPI as a convertible loan on behalf of the power distribution companies, given their inability to secure requisite investments for the upgrade and modernisation of their networks.