TCN chair wants $2p/b oil income set aside to develop power

power-transmitting-station30 August 2013, Abuja – Chairman of the re-inaugurated Transmission Company of Nigeria, TCN, Supervisory Board, Engr. Hamman Tukur, has asked the Federal Government to set aside $2 per crude oil barrel sold to develop power sector.

Speaking at the re-inauguration of the board, Tukur urged the minister to demand for such funds so as to strenghen the area.

He noted that other countries use the differences accrued from oil prices to develop their infrastructure.

Minister of Power, Prof. Chinedu Nebo, had earlier disclosed that federal government has secured alternative funding sources for TCN.

He said the sources include, “The African Development Bank (AfDB), French Development Bank (AFD), World Bank, Niger Delta Power Holding Company, the Eurobond and most recently, Sellers’ Credit from Original Equipment Manufacturers.”

Prof. Nebo also urged the board to work hard to achieve success.

“The TCN is required to immediately key into the current electricity initiative under which major load centres across the country would benefit from 18 -24 hours of power supply,” he said.

Chief Executive Officer of TCN, Mr Don Priestman, said the newly launched 4-year TCN network expansion blueprint will last from 2013 to 2017 and is expected to grow from 10,000mw initially to 16,000mw with a transmission capacity of 12,800 in 2017.

– Simon Echewofun Sunday, Daily Trust

About the Author