FG invests N31bn in power sector

From COBHAM NSA, Abuja
Posted: Sunday, February 13, 2011

The Federal Government has so far approved about 31 bilion Naira for investments and execution of nine power projects across the country, with some already completed.
Minister of Finance, Mr Olusegun Aganga, said these huge investments and priority attention on the sector by government were meant to engender growth and development on a sustainable basis in the polity.
 Addressing the 27th meeting of the Convergence Council of Ministers and Governors of Central Banks of the West African Monetary Zone (WAMZ) in Abuja, Mr Aganga also said to strengthen Nigeria’s present democratic dispensation, government had ratified the African Charter on the principle of the rule in Nigeria.
The Minister, who spoke through the Minister of State for Finance, Hajia Yabawa Lawan-Wabi, said in line with government’s resolve, activities leading to free and fair general election in April 2011 were progressing satisfactorily in the country.
He assured that government would not be distracted from delivering on its promise of ensuring that Nigerians witness the best ever polls, adding that everything was being put in place to make the April general election a memorable and historic one.
On the delayed introduction of ‘Eco’ as a single currency in the sub-region, Mr Aganga said the role played by money is the result of the interplay between authorities’ action and the behaviours of market participants.
“Money cannot develop without a market in which supply and demand conditions can freely be expressed. Without an actively integrated real sectors and financial markets, the ‘Eco’ will not attain the status and financial efficacy of the WAMZ single currency we envisage,” the Minister said.
According to him, implementing to the fullest all existing Economic Community of West African States (ECOWAS) protocols on trade liberalization and putting in place bilateral and multilateral agreements that would facilitate free and seamless movement of people and goods within the sub-region was perhaps the strongest foundation upon which to anchor a viable eco.
He also noted that Nigeria had intensified efforts at reducing its fiscal deficit in compliance with the Fiscal Responsibility Act.