Wednesday, 15 January 2014
The federal government of Nigeria on Wednesday approved the sum of N1.9 billion for the supply of 746km of aluminium conductor composite core reinforced (ACCCR) for the re-conduction of the Onitsha-New Haven 330 kv transmission line.
The Federal Executive Council (FEC) made the approval, following a memo brought before it by the Minister of Power, Prof. Chinedu Nebo seeking council’s approval for the award of the contract.
Briefing journalists after FEC chaired by President Goodluck Jonathan, Nebo said the project would generate employment of about 3,000 workers during the installation of the conductor, while the multiplier effect of additional 400MW of power to the thriving areas of New Haven, Abakaliki and Makurdi would stimulate the generation of over one million jobs.
“The Transmission Company of Nigeria (TCN) intends to fund the contract for the supply of the 746km of ACCR conductor from the $135 million allocated to TCN from the proceeds of the Eurobond recently issued by the Federal Government,” he added.
“Council approved the award of contract for the supply of 746km of Aluminium. Conductor Composite Core Reinforced for the re-conductor in favour of Composite Technology Corporation (a US firm) in the sum of $11.2million payable at the prevailing rate of exchange plus N189.43 million inclusive of 5 per cent VAT, with a delivery period of 20 weeks,” he noted.
