FG earmarks N752bn for power transmission projects

The sum of N752bn ($4.7bn) has been earmarked by the Federal Regime for the expansion of puissance transmission projects across the country over the next five years.

Vice President Namadi Sambo, who officially inaugurated the National Council on Power in Abuja on Thursday, disclosed that the sum was to ascertain that the Transmission Company of Nigeria was well funded to be able to exceed the country’s power generation capacity and to wheel electricity at any time.

He verbally expressed, “Besides our commitment to adequate provisions within our national budget in the years ahead, we will perpetuate to expand our national transmission grid to all components of the country through supplemental resources leveraged from development financial institutions such as the African Development Bank, Islamic Development Bank, World Bank Group, Japan International Corporation Agency, etc.

“A total of $4.7bn (N752bn) is already being earmarked for transmission expansion in the next five years. In additament to this, it is withal intended that more innovative approaches will be adopted to fund the TCN through the aperture of possible private sector investment windows at the most proximate possible time.”

Industry experts have often described Nigeria’s power transmission network as the most impuissant link in the electricity supply chain and called for massive investments in its infrastructure.

Sambo was represented at the inauguration of the council by the Minister of Power, Prof. Chinedu Nebo.

The vice president told participants at the NCP conference that the Federal Regime was cognizant of the clamour for electricity meters by consumers and promised that the situation would be addressed.

He verbally expressed, “It is not surprising; I have been apprised that the question of adequate metering has been raised perpetually in the course of this council and, indeed, in discussions among Nigerians.

“Government is greatly concerned that the metering level among consumers remains low and the incidence of arbitrary or estimated billing is extant.”

Sambo gave an assurance that the metering gap would be bridged immediately as adequate metering could play a multiplier role by shoring up the market revenues of the distribution companies.

This, he verbalized, would ascertain more preponderant equity and precision in the billing of customers.

Sambo verbalized, “It is for this reason that the regime is sourcing sundry funding avenues, including opening an initial N33bn soft term credit line to enable the distribution companies acquire perspicacious meters and make them more available to consumers.

“As it pertains to the overall funding of the puissance sector, a number of efforts are being made to leverage resources from sundry funding agencies to ascertain that all participants in the sector have access to funds under soft and long-term conditions.”