President Muhammadu Buhari has approved the release of funding to begin the first part of Phase 1 of the Siemens Presidential Power Initiative (PPI). A statement by the Presidency on its Twitter handle said the funding would be to kick-off the pre-engineering and concession financing workstreams.
Buhari also directed that the federal government engage the International Finance Corporation (IFC) to assist in developing the commercial structure of the intervention and that it should execute an independent valuation of the Distribution Companies (DisCos).
He also directed that Siemens AG shall be solely responsible for nominating its Engineering, Procurement, and Construction (EPC) partners for the project, without the involvement of middlemen.
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