- CBN tunes in $250million to stabilise nationwide power delivery
- According to the minister, TCN has completed 30 key substation projects and 12 transmission lines.
The intervention of the Central Bank of Nigeria in the rehabilitation of interfaces between Nigeria’s transmission and distribution infrastructure to the tune of $250 million will help stabilise power delivery nationwide, some stakeholders have said.
According to the Minister of Power, Abubakar Aliyu, the apex bank was already funding a $250 million project to rehabilitate critical interfaces infrastructure between both segments to increase and stabilise power delivery. He further noted that the funding is in addition to the Siemens Presidential Power Initiative that will bring an additional $2.0 billion or more to the transmission grid from the government.
With the critical intervention, the minister said the government was expending almost $4 billion secured by the current administration to augment the grid. Much of the funds were being actively spent, and the results will be felt soon. According to him, the interface projects and others already being embarked upon by TCN bring ongoing projects in the transmission segment to 135 ongoing projects with 30 completed key substation projects and 12 transmission lines.
Also speaking on the issue, Market Operator at TCN, Edward Eje, said the interface project was to provide quick solutions at various transmission/distribution interfaces where there are challenges.