With efforts to boost electricity supply and build onto its existing transmission network, the Transmission Company of Nigeria (TCN) says it will need $7.5 billion.
The five-year expansion programme aims to boost the existing transmission capacity to 11,500MW by 2019, which requires substantial funding, Naija247 news reported.
Of the $7.5 billion, the Federal Government of Nigeria has earmarked $1.5 billion, TCN managing director Abubakar Atiku said on Monday.
He added that the financing initiatives of TCN, are expected to contribute $2.6 billion, media reported. He added that the transmission company was expected to receive concessionary loans and grants amounting to $3.4 billion from TCN’s international finance support agencies.
TCN to secure reliable power supply
Atiku said that TCN had increased its current transmission capacity from 5,500MW to 6,00MW, adding that efforts are focused on boosting this figure to 7,500MW with the completion of 31 projects by 2017.
The expansion programme expects to realise a 20,000MW capacity by 2022, of uninterrupted power, the MD noted.
Restoration of existing infrastructure
According to Atiku, TCN had restored unavailable service equipment to boost and strengthen the national grid, which had previously been neglected by previous management.
The MD added that the company was concentrating its efforts on existing generating stations, ensuring that no power wastage occurred and that the grid was in a stable condition, Naija247 news reported.
With efforts to upgrade the transmission network, earlier this year, minister of power, works and housing, Babatunde Fashola said that a total of 907 containers, loaded with transmission equipment, have been ordered to be released to the Transmission Company of Nigeria (TCN) and its contractors by Nigerian President Muhammadu Buhari.
“About 907 containers of various equipment imported at the ports and paid for, have been abandoned with demurrage, port charges and all sorts of costs by contractors who have deserted their contracts.
“Approvals have been given by the President for their release; we have met with customs, the shippers, the warehouse owners and operators all of whom have shown an inspiring sense of patriotism to release their containers.
“The containers expectedly contain all sorts of equipment, which hopefully, when recovered, will help solve some of our transmission problems,” he said.
Fashola stated at the time that government was working to diversify Nigeria's electricity sources to meet its plan for the energy sector.