The Federal Executive Council yesterday approved the payment of six billion, nine hundred and forty million naira offshore and one billion, seven hundred and ten million naira onshore as part of Nigeria’s counterpart funding for the power deal with Siemens, signed by the Nigerian and German governments in 2019.
The council also ratified the air transport agreement between Nigeria and the United States at its virtual meeting presided over by the President Muhammadu Buhari.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, told State House correspondents at the end of the meeting that the council ratified the President’s anticipatory approval for the fund.
She said the ratification was done based on a memorandum she jointly presented with the Minister of Power, Saleh Mamman.
In July 2019, the Federal Government and Siemens signed a Letter of Agreement on the Nigeria Electrification Road Map.
