The Nigerian Government on Monday said it would expend 1.4 billion dollars on the Zungeru hydro power project.
This was made known by the Vice President, Alhaji Namadi Sambo, at a meeting to discuss the progress of work on the project.
Sambo said the project, when completed, would generate 760 megawatts of electricity.
According to him, funding for the project will be sourced from concessionary funds, bilateral agreements and public private partnerships.
He further disclosed that 584 million dollars had been set aside for the take off of the project.
Sambo recalled that during his recent visit to Saudi Arabia, he had a meeting with the Chairman of the Islamic Development Bank (IDB), who assured him of the readiness of the financial institution to fund the project.
He directed the Ministry of Finance to immediately commence discussions with the IDB, which had shown interest in financing the project.
He urged the Ministry of Power and the Infrastructure Concession Regulatory Commission (ICRC) to expedite action on the conclusion of the Environmental Impact Assessment (EIA) of the project and the resettlement scheme.
He also directed that a comprehensive roadmap, including timeliness that would capture every action for the implementation of the project, be also developed immediately.
Sambo also called on them to commence work on modalities for the engagement of private operators for the operation and the management of the project.
He further directed the ministries of power and finance to immediately commence the appointment of a financial transaction adviser for the project, which should be through international competitive bidding.
The Minister of State for Finance Mrs Yabawa Wabi, who also spoke at the meeting, expressed optimism that the additional financing for the project would be captured in the 2011 appropriation.