‘Completion is set’ - TCN announces date Nigerians will enjoy improved electricity supply

The fifty-three (53) ongoing power projects funded by the Central Bank of Nigeria (CBN) power intervention fund will be finished by May 2024, the Transmission Company of Nigeria (TCN) has announced.

Matthew Ajibade, the TCN programme coordinator in charge of the projects, made this known during a tour of three projects located at Ojo, Isolo, and Oworonshoki transmission stations in Lagos on Wednesday, December 11.

According to Ajibade, the project will improve the ability to transport electricity by over 1,000 megawatts upon completion.

It noted: “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 at the latest. PMO made progress with the implementation of the programme despite challenges encountered and is committed to ensuring the successful implementation.”

Project not abandoned

According to Punch, Ajibade clarified that the project was not abandoned, as some people speculated.

He said work on the project is ongoing and will be delivered as expected. According to Tumba Tijani, the assistant director and head of CBN's infrastructure finance division, the project's financing from the apex bank was made available at a 9% interest rate in August of last year.

The CBN, he said, authorized the payment of N122 million for the Nigeria Electricity Market Stabilization Facility-3 program, continuing its intervention in the power sector. He explained that the sum was predicated on an estimate for the identified projects.

He said the plant will increase end-user supply and eliminate transmission and distribution interface bottlenecks. He said that doing so would release the nation's underutilized power capacity.

Tijani also disclosed that the sum of N85 billion so far has been disbursed to 53 contractors for the execution of the project.