The Federal Government Tuesday said the gas supplies to the three major National Integrated Power Projects (NIPP) based stations at Alaoji, Olorunsogo and Sapele have increased to 240 million standard cubic meters.
It stated that the country’s Foreign Reserves have gone up to more than $39 billion.
The government also defended the award of national honour of Grand Commander of the Order of Niger (GCON) on the chairman of Globacom, Mr Mike Adenuga, saying it is an honour well-deserved.
Reacting to reports that power generation in the country has dropped to mere 1,000 megawatt, the Senior Special Assistant to the President on Public Affairs, Dr. Doyin Okupe, told newsmen that the NIPP power based stations of Alaoji, Olorunsogo and Sapele with a capacity of 60 million standard cubic meters of gas, but said there is an improvement to the extent that the gas supplies has gone up to 240 million standard cubic meters.
According to Okupe, “the annual gas supply for the three power-based plants is 60 million standard cubic meters each, which makes it a total of 180 million standard cubic meters. What we have now for the three powers-based stations is 240 million standard cubic meters. He explained that the improvement in the gas supplies is as a result of the emergency declared by President Goodluck Jonathan on gas supplies.
“The implication of this is that there is an improved and increased 240 million standard cubic meters and Shell Petroleum Development Company (SPDC) is also adding another 100 million standard cubic meters and this will automatically lead to more than 7,000 megawatt power generation before December this year and also longer hours of power supplies and excess power generation of 2000mw will be added to the national grid by December”, he said.
With this, Okupe said there is no need for Nigerians to buy generating sets any longer.
On the economy, the presidential aide further said the Foreign Reserve of the country has risen to $39 billion and that it would hit over $50 billion soon.
He also said the Excess Crude Account will soon hit $10 billion.
Quoting the President of the Manufacturers Association of Nigeria (MAN), Kola Jamodu, Okupe said over 240 new industries have open with over N400 billion investment and employing over 200,000 people.
He explained that there is 69 to 70 per cent capacity utilisation in the manufacturing sector.
According to Okupe, “This is an improvement in the economy and ensuring capacity and investment confidence in the system,” explaining further, “with a $10 billion in the excess crude account, it will serve as a shock absorber against any national emergency.”
On the improvement made in the transportation sector, especially in the railway, Okupe said that the Western Line route of Lagos to Jebba with 488 kilometers has been completed, while the Jebba-Kano with a distance of 638 kilometers is completed, except for the bridge construction in Minna, Niger State.
He noted that this will be completed before the end of the year.
On the Abuja- Kaduna railway track of 188 kilometers, Okupe said, that it has reached a 35 percent completion with terminal date of 2014 and the Lagos-Ibadan routes to be completed by 2015.
On the award of GCON on Mike Adenuga, he said, “the Federal Government is proud of achievements of Adenuga in Globacom. His company competed among foreign companies and created the necessary impact. He deserves the award.”
On allegation that Conoil, owned by Adenuga has run short of the law of the federation, especially in the fuel subsidy scam, Okupe said, “Any company that goes contrary to the laws of the country will meet justice.”