TCN Yet to Sign for, Access $1.5 Billion Power Project Loans – MD

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The Interim Managing Director/Chief Executive Officer, Transmission Company of Nigeria (TCN), Usman Mohammed, faulted the position of the House of Representatives on the power infrastructure expansion loans totalling $1.5bn from multilateral donors, stressing that the credit facilities had not been signed, The Punch reports.

On October 18, 2017, the House of Representatives had alleged that the TCN took the loans from foreign creditors without following due process. But speaking on the sidelines of the inauguration of a 40MVA 132/33KV mobile transmission substation in Zaria, Kaduna State on Friday, Mohammed said; “We are expecting $486m from the World Bank; $210m from the Islamic Development Bank; $444m from the Africa Development Bank; and $200m from JICA.”

“We have not signed; but we have agreed to work with them. The reason why this information is misinterpreted is that with the agreement we have currently, we can prepare projects and do procurements at the same time. While engaging with the multilateral donors, you have to also get the consent of the minister of finance. You cannot engage any multilateral donor without getting the consent of the minister of finance, who will write letters to them to clear you for the loans,” he added.

Source: Energy Mix Report

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