The Transmission Company of Nigeria (TCN), has said that 53 ongoing power projects worth N122 billion is to be completed by May 2024.
TCN and power distribution companies with support from the Central Bank of Nigeria (CBN) will finish up these projects that are currently being constructed across the country.
Punch reports that the projects entail the delivery of eight 150MVA power transformers, 19 1000MVA transformers, 60MVA transformers, reconductoring existing transmission lines (conductors and accessories), upgrading of the existing 132/33KV substations, and construction of 33KV line bays.
While visiting three different projects at Ojo, Isolo, and Oworonshoki Transmission stations in Lagos on December 6, Mathew Ajibade, Programme Coordinator at TCN, mentioned that once these projects are finished, they will increase the company’s ability to transport electricity by over 1,000 megawatts.
He said: “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.”
Tumba Tijani, who is the Assistant Director and oversees the Infrastructure Finance Office at the Central Bank of Nigeria (CBN), clarified that the central bank provided a loan for the project in August of last year. This loan was given at a 9% interest rate.
He added that a total of N85.43 billion has been given out to 53 different contractors involved in the projects. This money has been disbursed into the Advance Payment Guarantee account to help these contractors carry out their tasks.
“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.