Head of Service of the Federation, Alhaji Isa Bello Sali, disclosed this, Monday in Abuja at the launch of the National Power Training Institute graduate skill development programme.
He said the required funds will cover investments in four major areas – generation, transmission, distribution and alternative energy.
According to Sali, the expenditure aims at increasing generation, transmission and distribution capacity, in order to provide adequate and sustainable power for industrial growth and national development.
It is also aimed at intensifying rural electrification efforts in a more efficient manner and achieving optimal mix using the most appropriate technology, he said.
Sali stated that in order to achieve these objectives, the the government would create a deregulated and competitive electric power sector to attract foreign and local investments.
He maintained that with these objectives, only the best would be attracted to work in the sector.