Power generation to hit 7,000MW by Dec •As foreign reserves hit $39bn

Written by Leon Usigbe Wednesday, 12 September 2012

THE Federal Government now expects power generation in the country to hit about 7,000 megawatts by December, with the increase in availability of gas to power the National Integrated Power Projects (NIPP) in the country, the Senior Special Assistant to the President on Public Affairs, Dr Doyin Okupe, has said.
He also revealed that the nation’s external reserves have hit about $39 billion, enough to guarantee three months of imports without fears.
Speaking during a news conference in Abuja, on Tuesday, Dr Okupe said the expected increase in power generation would be in excess of 600 per cent of the amount ever generated in the country, which, he said, would make Nigerians to enjoy more hours of uninterrupted power supply.
The presidential aide observed that the major problem that confronted the power sector was that the NIPP could not come on stream because of lack of gas, adding that “but today, I am happy to announce to you that through the emergency measures taken by the president, that has changed.”
He said though Alaoji, Olorunsogo and Sapele power stations required about 60 million standard cubic metres of gas to power electricity, there was now 240 million standard cubic metres of gas available, while additional 100 million standard cubic metres was expected to be supplied by a private company.
According to him, “they are now going to add to the national grid. It is envisaged that by December, Nigeria will hit all time high in excess of 7,000 megawatts.
“That will mean that Nigeria will have more hours of uninterrupted power supply nationwide. It will be 600 per cent more than what we already generated.”
On the economy, the Senior Special Assistant disclosed that as of today, the nation’s foreign reserves have reached $39 billion, even as the Federal Government set a target of $50 billion to be achieved within the shortest possible time.
Dr Okupe, who noted that the opposition had misled Nigerians for too long with disinformation about the capacity of the government to mange the economy, said there was a plan to build excess crude account to $10 billion, “to enable us to run our trade for three months without fear.”
Dr Okupe said rehabilitation work of western 488 kilometre Lagos-Jebba railway line had been completed, as well as the 638 kilometres Jebba-Kano railway line, while the new standard gauge Abuja-Kaduna 180 kilometres was at 35 per cent completion.
Citing the observation made by the chairman of the Manufacturers Association of Nigerian (MAN), Chief Kola Jamodu, the Senior Special Assistant said in the last one year, over 240 new manufacturing industries had opened in Nigeria, investing N400 billion and employing in excess of 200,000 Nigerians, while capacity utilisation had increased to 70 per cent.
Also speaking on speculation concerning the conferment of national award of Grand Commander of the Order of the Niger (GCON) on businessman, Mike Adenuga, whose company, Conoil, was indicted in the oil subsidy payments, Dr Okupe stressed the need to divorce the action of his company from his personal achievements.
He said Chief Adenuga had done a great deal for the country, through his numerous business concerns which employ thousands of Nigerians.

SOURCE: Nigerian Tribune, 12 September 2012. http://tribune.com.ng/