The Interim Managing Director of the Transmission Company of Nigeria (TCN), Mr. Usman Gur Mohammed, has said the public utility wants to attain 14,000 megawatts (MW) under the Transmission Expansion and Rehabilitation Programme (TERP) being financed with about N383bn ($1.064 million) from international lenders, Daily Trust reports.
Mr Mohammed who spoke in Abuja recently on the achievements of the firm so far said, “In the last 10 months, we have added 1,000MW capacity to raise the wheeling capacity to 7,000MW and that is much higher than the 4,500MW capacity the Distribution Companies (DisCos) can take, but generation capacity is at 7,000MW now.” The TCN boss said the local funding through the electricity market revenue is poor, at below 40 percent which does not support the huge investment plan. “The shortfall is because of the DisCos’ poor revenue collection,” he added.
Analysis of the scorecard shows that the present administration is attracting over $1.064 billion (about N383 billion) in loans from international donors with a 10-year moratorium at competitive interest rates. Some of the donors are the World Bank which is giving $486m (about N174.9bn), Agence Française de Développement (AFD) with $170m (about N61.2bn), and Islamic Development Bank (IDB) with $410m (about N147.6bn).
Source: Energy Mix Report