Stella Dimoko Korkus.com: Nigeria gets $100 million loan from India For Electricity

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Saturday, August 20, 2016

Nigeria gets $100 million loan from India For Electricity

Nigeria has obtained a $100 million credit facility from India to solve the niggling problems in the power sector...





Vice President Yemi Osinbajo on August 18 welcomed the loan  from India for Nigeria’s power sector. 

Speaking at the State House Abuja while receiving a delegation led by the Indian High Commissioner in Nigeria Nagabhushana Reddy, Osinbajo called for more active engagement between both countries. 

Osinbajo noted that there were opportunities in agriculture and technology for Nigeria and India, adding that diplomatic and economic relationship between both countries had been extremely good. 

According to him, the federal government is expected to achieve a 50 percent target reliance on renewable energy for the power sector by 2020.

His words: “We are doing some expandable work in solar energy adding about 1000MW of solar. We are looking at 50% reliance on renewable energy sources by 2020. The Buhari Presidency is determined to improve access to electricity for our people.”  

Responding, the Indian high commissioner promised that his country will continue to support President Muhammadu Buhari’s administration’s economic plan. Minister of power, Babatunde Fashola recently revealed that his ministry is currently working to complete the 215MW Kaduna power plant, the transmission line for the Gurara 40MW plant the Kashimbilla Plant and some of the other power projects. 

He also added that his ministry is remobilizing contractors back to the transmission sites. 


dailyturst

32 comments:

  1. I hope this loan will serve its purpose, am just tired of Nigeria

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    1. From India??? India? Errrr

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    2. When will all the borrowing stop? Do we still have a country call Nigeria ? Well na garri and puffpuff sure pass for breakfast...😃 . Many ulcer patient loading for dis our oga buhari's gov

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    3. Jesu! From India? Of all countries.

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    4. Some of you are really Ignorant. Do you know how wealthy India is?

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  2. Please FG should not insult us, what is 100 million dollars? That is all they went to borrow. What about all the money recovered from Abacha's loot, what about all the money as bail fine paid from Buhari political enemies, all the returned monies from the Arms Deal. I mean there is no point borrowing when we have enough money on grand. Except FG is not telling us the truth. Lie Lie Government.

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    1. If our reserves are low and they use all the money in the reserves to fund projects, where would they get money to pay civil servants, state allocations and run the government parastatals? It's just a question.

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    2. What about the money we borrowed from China? I gave up on this Government long ago

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  3. This is insulting and naive....this is a bribe to influence the privatization of TCN....India with their slave tactics towards Nigerians employees....yet our leaders continue to patronize them...thumbs down.

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  4. I'm not understanding

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  5. 100 million dollars that will be used for nothing. So even India is now borrowing us money, Buhari has embarrassed Nigeria enough.

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  6. You n I know that this money, they will 'chop' it

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  7. Bubu... e ma je gbese kaakiri o. You hear?

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  8. Congratulations to buhari and "osibande",they have finally reduced Nigeria to shreds!
    We have become a charity case to poor Indians!!!

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  9. More loans to be stolen! What is Buhari going with the loot he retrieved? Are they for his re election?

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  10. India that is so poor is lending us money! Aaaahh!!!!

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  11. They only told us they borrowed they did not tell us how they intend to pay, what does this mean for the common man I see higher electricity bills being heaped on our heads, also when are they going to pay is it in the next four years when another Government is in power? please abeg borrow all you want but don't intimate us as though you are doing us all a big favour. This Government is such a scam at least during GEJ we outrightly knew we were being exploited this government acts like a domestic rat that is biting your body, it's eating your body and fanning you so you wont notice until its too late.

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  12. Haba,loan from India, na wa o

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  13. I just hope they won't use Nigeria as collateral one day.

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    1. Same thing I thought and we ll go back to colonialism...I hate this country sha



      Need to make it better for me and my family

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  14. I thought india was a poor country and Nigeria was better off,now they are giving us money???

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  15. Rising dollars, more loans....issorai

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  16. Buhari senseless and vision less fellow. He will borrow money from Zimbabwe also

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  17. India ke????
    The fall of the great iroko tree...
    Nigeria is finished.

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  18. India kwa ,me i get sense pass this government ,they are just clueless

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  19. just negodu... common india..this Nigeria ehn

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