TCN AND OTHERS TO FINISH POWER PROJECTS FINANCED BY CBN BY 2024

Babatunji Wusu –

In order to enhance the country’s power supply, the Transmission Company of Nigeria (TCN) has stated that the 53 active power projects funded by the Central Bank of Nigeria (CBN) power intervention fund will be finished by May 2024.

This was revealed on Wednesday during a tour of three of the projects, which are situated at the Ojo, Isolo, and Oworonshoki transmission stations in Lagos. Matthew Ajibade is the TCN program coordinator in charge of the projects.

After the projects are finished, Mr. Ajibade said, the capacity to transmit electricity will increase by more than 1,000 megawatts.

“The projects are now being carried out in coordination with the Discos technical team and TCN field engineers by the project management office at TCN headquarters.

The projects must be finished by May 2024 at the latest. Despite obstacles, PMO moved forward with the program’s implementation and is dedicated to making sure it is carried out successfully, according to Mr. Ajibade.

Addressing worries and speculations that the projects had been abandoned, he stated that works are currently progressing and would be delivered at the scheduled time.

Speaking also, Tumba Tijani, an assistant director and head of the CBN’s infrastructure financing office, stated that the project’s loans were made available by the central bank in August of last year at an interest rate of 9%.

In keeping with its power sector intervention, the CBN authorized N122, 289, 344 for the Nigerian Electricity Market Stabilization Facility-3 program, based on project estimates for the designated projects.

“The facility aims to unlock the nation’s underutilized generation capacity and resolve transmission/distribution interface bottlenecks to improve supply to end users,” he stated.

The representative clarified that N85 billion had already been deposited into the 53 contractors’ advance payment guarantee accounts in order to carry out the projects.