Home Energy CBN,TCN,others to complete 53 power projects worth N122bn in 2024

CBN,TCN,others to complete 53 power projects worth N122bn in 2024

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The Central Bank of Nigeria, Transmission Company of Nigeria, and power distribution companies will in May next year complete a total of 53 power projects worth N122bn currently under construction across the country.

During a tour of three of the projects located at Ojo, Isolo and Oworonshoki Transmission stations in Lagos on Wednesday, TCN’s Programme Coordinator in charge of the projects, Mathew Ajibade, said when completed, over 1,000 megawatts would be added to the firm’s wheeling capacity.

“The projects are currently being implemented through the project management office at the TCN headquarters in collaboration with both TCN field engineers and the Discos technical team. The time set for completion of the projects is May 2024 latest. PMO made progress with the implementation of the programme despite challenges encountered and is committed to ensuring the successful implementation,” he said.

According to Ajibade, the projects have not been abandoned as is being widely speculated, adding that work is currently ongoing, and would be delivered at the expected time.

An Assistant Director/Head Infrastructure Finance Office, CBN, Tumba Tijani, explained that the apex bank had in August last year released the loan at a 9 per cent interest rate for the project.

“The CBN in continuation of its intervention in the power sector approved the sum of N122, 289, 344 for the programme Nigeria Electricity Market Stabilisation Facility-3 based on the projects estimated for the identified projects. The facility aims to resolve the transmission/distribution interface bottlenecks to improve supply to end users and unlock the unutilized generation capacity in the country,” he said.

He added that N85.43bn had so far been disbursed into the Advance Payment Guarantee account of the 53 contractors to execute the projects.

A document obtained showed that the projects entailed delivery of eight 150MVA power transformers, 19 1000MVA transformers, 60MVA transformers, re-conductoring existing transmission lines (conductors & Accessories), upgrading of the existing 132/33KV substations, and construction of 33KV line bays.

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