TCN Urges Release of Its N17 Billion Electricity Facility Fund

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The Managing Director of Transmission Company of Nigeria (TCN), Dr Abubakar Atiku, yesterday raised the alarm over huge debt owed operators of electricity industry which he said is now over N17 billion in the last three years.

Atiku disclosed this at a function tagged: “Change Management Sensitisation Tour’’ in Lagos.

Atiku, who was represented by Mr Sonny Iroche, Executive Director, Finance and Accounts, TCN, players in the sector are owed over N17 billion since the private sector took over in the last three years even as the federal government had offered a N213billion facility fund to help offset the legacy debts with the aim of addressing the revenue shortfall in the power sector.

The TCN boss also said that some distribution and generation companies have received the funds from the Central Bank of Nigeria (CBN) but the company had not, which according to him, posed serious challenge to its operations.

He further disclosed that the company had over N45billion pending at the CBN in respect of energy wheeled to some of the distribution companies even as Kaduna and Abuja discos refused to sign its documents.

Source: Leadership

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