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Government approves N300m for TCN equipment rehabilitation

17 July 2014, 11:39

Lagos – The federal government has approved N300 million for the infrastructure development needs of the Transmission Company of Nigeria (TCN).

The Director-General, Bureau of Public Enterprises (BPE), Benjamin Dikki, disclosed this in an address at the post-monitoring of Ikeja Electricity Distribution Company (IKEDC) activities in Lagos.

He reassured Nigerians that the challenges facing the nation’s power supply will soon become a thing of the past.

He said the Government provided the N300 million to TCN from its one billion Euro-bond dedicated for the improvement of the nation’s infrastructure.

According to him, government has also channelled the loan received from African Development Bank (AfDB) to TCN.

He said that currently, funding was not the major challenge of TCN but the process of identifying projects to be executed with the fund.

"All the money they have is sufficient to complete the ongoing rehabilitation but all they need now is to use the fund provided to them effectively on projects rehabilitation before providing additional fund.

Dikki said that the post-privatisation monitoring exercise was to identify areas in which government can be of assistance to the DISCOs and re-assured them of government support.

"Government still owns 40 percent stake in the business, this to ascertain where the sector is today and to ensure adequate provision from the government to enhance the operation of the DISCOs,” he said.

Dikki urged the management of IKEDC to embark on sensitation programme that would educate customers on power sector value chain in energy distribution process.
Also speaking, Abiodun Ajifowobaje, the Chief Executive Officer, IKEDC, said that energy had been a major challenge to the company.

Ajifowobaje said that over N1 billion had been spent on various projects within the company, adding that the company only got about 345 mega watts as against 1 257 mega watts maximum demand.

"We have installed and completed all rehabilitated transformers and pending projects within the company.

"We are planning to engage in other sources of power supply through embedded generation and others. 

-    NAN

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