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TCN Rolls Out $7.5bn 5-year Power Network Upgrade Plan

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On Monday, the Transmission Company of Nigeria (TCN) revealed plans for the implementation of a five-year upgrade of Nigeria’s electricity transmission network from its present 5,500 megawatts (MW) wheeling capacity to 11,500MW by 2020.

This was disclosed by the acting Managing Director of TCN, Abubakar Tambuwal Atiku, disclosed this to journalists at a press briefing in Abuja.

The five -year plan would cost it $7.5 billion, and the funding will be sourced mainly from a mix of the federal government’s annual budgetary appropriation to it, concessionary loans and grants from multilateral financial and aids institutions as well as contractor-financing model.

Atiku was supported by TCN’s Executive Director, Finance and Accounts, Mr. Sonny Iroche; its Executive Director, System Operations, Musa Gumel, and Tom Uwah who manages the Transmission Service Provider (TSP) department at the briefing.

SEE ALSO: Power, Finance and Energy Investors To Meet in Abuja By October

Atiku also said out of the N50 billion the company requested from the government in the 2016 budget, N30 billion was approved for it while N9 billion has been allocated so far, but it is still not within its account.

We hope to increase our capacity to 7500MW with the completion of 31 projects by the end of 2017; TCN has mapped out strategies to boost its capacity to 8200MW by the end of 2018, this we intend to achieve with the completion of eight new projects in 2018.

“In the realisation of 10,000MW as envisaged in 2019, our five-year expansion plan has 66 projects to be completed, leading to a total wheeling capacity of 11,500MW by 2019. The plan has also been carefully developed with the aim of realising stable power supply by 2020,” said Atiku.

He gave a breakdown of how the company hopes to raise funds for this, saying: “The ongoing and new projects cannot be realised without adequate financial resources; TCN therefore anticipates that the federal government, as the sole owner of the company, will facilitate funding of the various projects.

“Apart from the government appropriation, TCN is also supported through funding agencies like AfDB, ADB, World Bank and special funds from the Eurobond, China-Exim Bank and JICA.

“Expected funding in terms of concessionary loans and grants from these agencies is put at $3.4 billion; federal government is expected to bring in about $1.5 billion for the five year period, while the proposed investor-financing initiatives by TCN is expected to contribute about $2.6 billion, this makes an estimated total funding requirement of $7.5 billion for the five-year expansion plan.

Atiku also said the TCN had moved away from its past history of incompetence and was focused on ensuring that there is no stranded power from the generation companies. He added that going forward; stability of the grid would be guaranteed without system collapse under all circumstances.

We intend to achieve this by changing our operational ways of conducting business along two major business practices of Transmission Service Provider and Independent System Operator. These two entities are to be empowered financially and administratively to deliver on our mandate.

“TSP is to focus on expansion and upgrade of TCN assets; ISO will provide the interface between the power generators and distributors by ensuring optimum dispatch of electricity. It will also be responsible for overseeing the market operations,” he noted.

SEE ALSO: Bank Of Industry, Gombe Sign N360 Million Solar Power Agreement

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Senate Committee Screens Yakubu For INEC Chair Today

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Senate Committee Screens Yakubu For INEC Chair Today

Mahmood Yakubu

The Senate Committee on the Independent National Electoral Commission (INEC), will screen Mahmood Yakubu today following his re-appointment as Chairman of the Commission for a second and final term.

The Chairman of the committee, Kabiru Gaya, disclosed this to journalists on Wednesday after the panel submitted the report of the 2021 budget estimates of the commission to the Senate Committee on Appropriation.

The Senate received President Muhammadu Buhari’s letter seeking Yakubu’s confirmation on Tuesday.

Also Read: 2023: Buhari Reappoints Mahmood Yakubu As INEC Chairman

He had on October 27 announced his decision to reappoint the former INEC boss.

The president’s letter was forwarded to the committee on INEC for screening which Senator Gaya said will be carried out expeditiously.

“Precisely the re-nominated Chairman of the Commission, Professor Mahmood Yakubu is to face our committee by 2:00 pm for the required drilling, the outcome of which will determine the report to be submitted to the Senate on Tuesday,” he said.

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No Plan To Review 2021 Spending Estimates: Minister

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No Plan To Review 2021 Spending Estimates, Says Ahmed

Finance, Budget and National Planning Minister, Mrs. Zainab Ahmed

Minister of Finance, Budget and National Planning, Zainab Ahmed has expressed that there is no plan to review the spending estimates of the 2021 budget.

She has also allayed the fears of federal civil servants that the country’s entering into recession might stall the salary payments of workers.

She made this known while speaking with journalists after the weekly virtual Federal Executive Council (FEC) meeting in the State House.

Also Read: Nigeria Will Exit Recession By First Quarter Of 2021 – Finance Minister

Ahmed said even the consequential adjustment in the 2020 budget wholly addressed salary matters.

Recall that the proposed 2021 budget is currently being reviewed by members of the National Assembly.

“On the 2021 budget, we are not planning to retrieve the budget or to reverse the budget beyond the work of appropriation that the National Assembly is currently doing in consultation with us,” she said.

 

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#EndSARS: UK Parliament Does Not Speak For British Govt – FG

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#EndSARS: UK Parliament Does Not Speak For British Govt – FG

Geoffrey Onyeama

The federal government of Nigeria has stated that it has reached out to the United Kingdom to explain its side of the story over the #EndSARS crisis.

This follows a petition being considered by the United Kingdom to sanction officials of the Nigerian government over alleged human rights abuses during the #EndSARS protests in the country.

However, Minister of Foreign Affairs, Geoffrey Onyeama, explained to State House Correspondents on Wednesday that Nigeria has reached out to the UK govt.

He explained that FG has presented its own side of the story to the UK govt to aid its deliberations on the matter.

This he stated after the weekly federal executive council (FEC) meeting presided over by President Muhammadu Buhari, noting that a balanced view is important in such matters.

Also Read: #EndSARS Protest: Those who have murdered Nigerians will not benefit from trade or travel to the UK – Lyn Brown

He said: “Yes, we have reached out to the UK government. The meeting that took place were Parliamentarians and they do not speak for the UK government which acts for the United Kingdom and they have also heard the side of the (Nigerian) government regarding everything that has happened.

“So, we have been in touch with them and engaging with them. Of course, as in any democracy, the members of parliament are able to also able to air their views.

“But what is important, is that a balanced picture is made available to them before they take any decision.”

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