Critical Infrastructure
Power: FG commends CBN
Jul 15, 2010, 18:48
| | Vice President Mohammed Namadi Sambo has commended the Central Bank of Nigeria (CBN) for clearing majority of the outstanding letters of credit (L/C) submitted by contractors handling power transmission projects in the country, encouraging them to expedite action on the remaining ones.
He made this commendation during a meeting he held with the contractors and other stakeholders at the State House on Thursday July 15, to identify the problems militating against their smooth performance with a view to solving them.
Similarly, the Vice President also called on organizations executing contracts for electricity power transmission to be considerate in partnering with government, to ensure that the challenges posed in the delivery of adequate power to Nigerians will be surmounted.
The Vice President frowned at actions which could delay the commissioning of projects, noting that agreements have standard ratings world over which should be explored in saving government expenditure. He stated that, ‘we will not be boxed into paying anything just like that’. He therefore charged the Niger Delta Power Holding Company (NDPHC) to renegotiate reasonable charges with General Engineering (GE).
The Vice President requested for the breakdown of the number of projects whose payments was successfully completed and those pending. He directed that all encumbrances attached to the port clearance should be sorted out immediately and the issues on payment discussed later.
Sequel to this, the Vice President categorically stated that by the first quota of 2011, power generation, transmission and distribution must improve. He then enjoined all hands to be on deck with a view to the realization of the stated objective.
At the meeting, a report made on the GE Integrity Assessment of Gas Turbines indicated that technical assessment is definitely required and is important for the sites being handled by the GE equipment, pointing out that the commitment is tied to resolution of commercial issues while consultants are expected to explain the details (i.e. additional documents and costing).
The Nigerian Customs Service (NCS) informed the Vice President of the progress made in trying to ensure the immediate release of all outstanding containers stranded at the ports.
© Copyright 2012 nigeriafirst.org
Top of Page | 
