POWER BAIL OUT : GE SIGNS $10 BILLION DEAL WITH FG

The Federal Government and GE Energy during the weekend, signed a Memorandum of Understanding for a 10 billion dollar investment in various power plants which would have a combined capacity of 10,000Megawatts, MW.

Nigeria's Minister of Power, Prof. Barth Nnaji, insisted that the cost had not been padded or inflated in any way, as globally, it costs $100 million to generate 1,000MW of electricity.

He said this in a bid to dis-abuse the belief that there is a conspiracy to inflate the cost of providing this 10,000Megawatts as ealier reported in some journals.