The Federal Executive Council has approved $5.792 billion for the construction of the 3,050 megawatts Mambilla Hydro-Power project in Gembu, Taraba state.
The Minister of Power, Works and Housing, Babatunde Fashola, disclosed this while addressing State House correspondents on the outcome of the Council’s meeting.
”The memorandum from the Ministry of Power, Works and Housing was to the award of the Mambilla Hydro-Power plant.. The construction should take about 72 months (6 years),the minister said.
According to him, the scope of works of the project will include the construction of four dams and 700 kilometres of transmission lines.
He said that when the project is completed, it would boost the nation’s economy as it would unleash the potential that had been reported about Mambilla in the fields of agriculture, tourism, and energy.
The minsiter disclosed that the project would be jointly financed by the Federal Government and the China Export Import (EXIM) Bank.
He noted that EXIM bank will provide 85 percent of the cost while the Federal Government would provide 15 percent.
