TCN Seeks Yearly N15Bn Funding

Yemisi Izuora/Ijeoma Agudosi
The Transmission Company of Nigeria (TCN) has said that it lacks funds to operate as expected and that the  situation has led to abandonment of key projects that should have improved power transmission.

It said that some of the critical projects that will support its transmission capacity has been identified and would be revived.

Atiku Abubakar, Deputy  Managing Director, TCN who made the complain in Lagos also said that about N15 billion would be required yearly to actualise the 8,000 megawatts transmission intended capacity  by 2016.

Abubakar while inspecting  ongoing projects and a training exercise of some auditors in Lagos. said that the N15 billion per annum funding is required for a
period of two to three years to achieve the goal.

Abubakar who is also the managing director,
Transmission Service Provider (TSP) of the company disclosed that the country’s  power generation has improved significantly as gas supply to generation stations has equally improved.

According to him, we have been able to generate the highest peak so ever in July which is about 4,652 megawatts and our transmission capacity is a little bit above that.

We are capable of transmitting about 5,300 megawatts at the moment.

Speaking further he noted that as generation is improving the company is working toward expanding transmission capacity to be able to evacuate all that is generated by the stations to distribution companies to use.

” l can assure you that we have our plans, projects that are very critical
have been mapped out so that within the shortest possible time will be able to hit 8,000 megawatts transmission capacity by end of 2016,’’ he said..

Abubakar said that about 30 potentials investors have been short listed for the sector.

“Presently, we are in the process of coming up with the frame work with which they can recover their investment within reasonable  time.

Since Federal Government  will not be giving them sovereign guarantee, we are coming up with modalities of repayment from our willing charges and internally generated revenue for over a period of time,” Abubakar added.

He also said that over 130 ongoing projects from 2002 were stalled due to lack of funding, adding that about 30 of them had been identified as critical that needed attention.

He said that currently, the company is trying to revive some of the projects to achieve the country’s dream on effective and uninterrupted power supply in the years to come.

The TCN has also secured the release of some of the abandoned containers with Customs Service which had been taken to some
of the bonded warehouses before they was distributed to respective projects sites in Lagos.

Add Comment