Nigeria: TCN, Others to Complete CBN-Funded Power Projects 2024

7 December 2023
Premium Times (Abuja)

Addressing concerns and speculations that the projects had been abandoned, an official noted that works are currently ongoing and would be delivered at the expected time

The Transmission Company of Nigeria (TCN) has said that the 53 ongoing power projects under the Central Bank of Nigeria (CBN) power intervention fund will be completed by May 2024 to improve power supply nationwide.

Matthew Ajibade, the TCN programme coordinator in charge of the projects, disclosed this during a tour of three of the projects located at Ojo, Isolo, and Oworonshoki transmission stations in Lagos on Wednesday.

Mr Ajibade said once the projects are completed, they will improve the ability to transport electricity by over 1,000 megawatts.

''The projects are currently being implemented through the project management office at the TCN headquarters in collaboration with both TCN field engineers and the Discos technical team.

''The time set for completion of the projects is May 2024 latest. PMO made progress with the implementation of the programme despite challenges encountered and is committed to ensuring the successful implementation,'' Mr Ajibade said.

Addressing concerns and speculations that the projects had been abandoned, he noted that works are currently ongoing and would be delivered at the expected time.

Also speaking, Tumba Tijani, an assistant director/head infrastructure finance office at CBN said the apex bank in August last year released loans for the project at a 9 per cent interest rate.

''The CBN in continuation of its intervention in the power sector approved the sum of N122, 289, 344 for the programme Nigeria Electricity Market Stabilization Facility-3 based on the projects estimated for the identified projects.

''The facility aims to resolve the transmission/distribution interface bottlenecks to improve supply to end users and unlock the unutilized generation capacity in the country,'' he said.

The official explained that N85 billion had so far been disbursed into the advance payment guarantee account of the 53 contractors to execute the projects.

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