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CBN’s N123bn power intervention projects ready May 2024

The quest by the federal government to improve the nation’s power generation and supply took a leap on Wednesday as the project management office of TCN announced the completion of N123 billion Transmission projects by May, 2024.

The projects which cut across the states of the federation aim to resolve the transmission and distribution interface bottlenecks to improve supply to end users and unlock the unutilised generation capacity in the country.

Recall that the Central Bank of Nigeria (CBN) had in August this year approved the sum of N122,289,344,369.39 for intervention in the nation’s power sector. The loans were accessed by the electricity distribution companies at 9 % interest rate from the Central Bank of Nigeria(CBN).

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According to Engineer Matthew Ajibade, Project Management Office, Transmission Company of Nigeria (TCN), so far N85,432,335,688 billion of the approved sum had been disbursed to 53 contractors to execute the projects.

Already, 10 of the power transformers have been delivered while the rest ranging from 150MVA, 100MVA and 60MVA are expected to be delivered and installed by May 2024.

Ajibade noted that manufacturing process for most of the contacts is scheduled to be completed early next year 2024 to pave way for shipment and delivery 

Ajibade who was speaking during tour of the power transformers across Lagos said seven of the contractors have finished with offshore production processes.

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