President Bola Tinubu says the 1,350 Mega Watt Independent Power Plant in Gwagwalada, in the Federal Capital Territory, is a renewed hope for power consumers across Nigeria.
The president said this during Friday’s groundbreaking ceremony in Gwagwalada for the gas-based plant
President Tinubu told those at the gathering that all bottlenecks hindering the growth and development of the power sector would be removed.
The Gwagwalada Independent Power Plant (IPP), a part of the Thermal Power Station jointly executed by the NNPC, the government of the United States, and General Electric Nigeria.
Nigeria’s electricity supply from the grid put at between 3000 megawatts and 4000, is clearly insufficient for the more than two hundred million people who daily need energy for home and commercial use.
The Gwagwalada independent power plant is designed to use the Ajaokuta-Kaduna-Kano gas pipeline currently at an advanced stage of construction.
MUST READ: Tinubu insists the 2023 General Election was free and fair
The project consists of three power train blocks of 450MW each, and on completion will generate an average of 10.3 million MW per hour of electricity each year for sale to the Nigerian Bulk Electricity Trading plc and for distribution to various consumers.
Projected gross revenues within the first ten years is expected to be around 700 to 800 million US dollars annually.
President Tinubu therefore directed the project’s major players, including the China Machinery Engineering Corporation, NNPC Limited to stick to abide by the terms and conditions of the binding contract.
(Editor: Oloyede Oworu)
