THE management of the Transmission Company of Nigeria, TCN, has stressed the need for urgent recapitalisation of the Electricity Distribution Companies, DISCOs, in order to increase power supply across the Nigeria.
The Managing Director of TCN, Mr. Usman Gur Mohammed, who took this position yesterday in Abuja decried the poor financial situation of the DISCOs while disclosing that it has secured a total sum of $1.62 billion to be expended on expansion and fortification of transmission lines across the country.
He said that the fund would enable it to build its electricity wheeling capacity from about 5,000MW to the 8,100MW within the next few months.
Mohammed stated: "Some substations are not connected by the DISCOs, it is not only Abuja that we have transformers that are not connected. There are several places where we have transformers that are not connected.
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"What we want to assure Nigerians is that once we have cost reflective tariff, the loans we are taking are not going to be burden on the nation. TCN will pay its own loan. "I want to tell you that Eurobond that we took. TCN is paying for it, we are not going to leave it to the nation and as a problem for our children yet unborn."