The Minister of Power, Adebayo Adelabu, has revealed that the Transmission Company of Nigeria needs approximately N2.77 trillion to complete 149 ongoing projects across the country. This amount exceeds the total budget allocated to the ministry for this year.
In a statement, Bolaji Tunji, the spokesman for the minister, revealed that during a budget presentation at the National Assembly, Adelabu expressed that the completion of these projects would significantly enhance the country’s electricity supply.
He said, “I am happy to appear before you today to address you on what we have been able to achieve since last year and what is expected of us as a ministry this year. For the TCN alone, we will need about N2.779 trillion to enable us to execute the about 149 projects we are currently engaged in all over the country.
“Our total budget as a ministry is not even up to this, but as the saying goes, half bread is better than none. I’m telling you so that you can be aware of the kind of money that is needed in the ministry for us to address our electricity challenges. We need your cooperation and collaboration in achieving the mandate of Mr. President in electricity supply to Nigerians.”
In discussing the Siemens project in more detail, Adelabu emphasized that the substations being constructed nationwide will enhance the country’s vulnerable power infrastructure, which has been hampered by aging and outdated equipment.
“The federal government is fully determined to address these challenges and issues that have been blocking our progress in our effort to provide electricity to Nigerians and our consumers. Of particular note is the grid collapse, which has to do with the obsolete and outdated equipment around our power stations.
“To practically address this, the Siemens project will come on board in the first quarter of this year. We have almost concluded the take-off of the project and it will involve building five substations across the country. This will energise our supply so that the issue of grid collapse will be a thing of the past. By next week, we will begin the contracts for the substations to come on board.”
