Minister of Information, Labaran Maku told newsmen after the meeting that the N706 million is the counterpart funding from Nigeria on the venture with Japanese government that had given a grant of N3.9 billion.
According to him, Nigeria had opted to buy the generator’s special tools for Jebba Hydro Electric Plc, and offered the contract to Messrs Marubeni Corporation to overhaul one of the units of Jebba Power Plant.
He said the contract has a delivery period of 10 months.
Speaking on the project, Minister of Power, Chinedu Nebo said the project will guarantee steady supply of another 96.4Mw of electricity on completion.
Another approval by FEC was for the development of the Phase 4B port facilities at Onne Oil and Gas Free Zone, Onne Port Complex, Port Harcourt, at $2.8 billion.
According to Maku, the concept of the development of the facilities was to decongest the Lagos and Port Harcourt ports, while entrenching Public Private Partnership, PPP, in the establishment and upgrading of public sector facilities.
He said: “The project is expected to generate 4,000 job opportunities for both professionals, during its execution, and about 20,000 direct and indirect job opportunities when it is in full operation.
“After deliberations, council ratified the president’s anticipatory approval for the award of contract for the concession and development of Phase 4B port facilities at Onne Oil and Gas Free Zone, Onne Port Complex, at $2,797,129,243.26, exclusive of all taxes.
“It has a completion period of six years and a concession period of 25 years to be solely pre-funded by the contractor, Messrs Deep Offshore Services Nigeria Limited.
“The will be a mortised from the service boat and other port charges in all the ports.”