TCN raises $1.62bn to boost power transmission

Epileptic power supply may persist till 2023 – DisCos
By Editor

To boost power transmission across the country, the Transmission Company of Nigeria (TCN) said it had generated total sum of $1.623 billion.

This was disclosed on Thursday by the Managing Director/Chief Executive Officer, TCN, Mr Usman Mohammed in Lagos at the inauguration of a substation in Ilashe.

He noted that while the challenges of power generation and transmission were being fixed, the country would be faced with the challenge of power distribution.

He said the previous government had left the power sector in total mess especially with the privatisation of the sector which had led to the non completion of awarded contracts.

He added that the commission had begun the process for the payment of compensation for Omotosho power line in Ondo state and the Epe line in Lagos which would stabilise power supply upon completion.

He said, “Under the honourable Minister of Power, Works and Housing, Mr Babatunde Fashola, we deployed what we call transmission rehabilitation and expansion programme, under which we have raised $1.623bn; this is the highest money that has ever been raised by the power sector.

“In Lagos, we have upgraded several substations and inaugurated several transformers.”

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On Omotosho-Epe lines, he said , “It was when he (Fashola) took over that we started the process of payment of the compensation. I can tell you that those two lines are going to be completed and they will stabilise the supply to Lagos.

He said the commission wants “to tell Nigerians that generation has been fixed, and transmission also; even where we have problems, we are fixing them. The only thing that is remaining is distribution.”

“We have to understand that the privatisation that the minister inherited, I am bold to tell you that there is no part of the world that privatisation has been done like that. There is a problem. But when you inherited a problem, what do you do? You try to solve the problem.

“It is not right for us to reverse because when you reverse it, we are going to be seen as being against the private sector. We will take steps to ensure that distribution is fixed”.

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