TCN will need N2.779tr to complete 149 projects — Minister

The Minister of Power, Chief Adebayo Adelabu, has disclosed that the Transmission Company of Nigeria would need the sum of N2.779tr to complete over 149 projects it is working on.

The minister made the revelation while appearing before the Joint Committee of Power to defend its 2025 N2tr budget.

Recall that Daily Trust had reported that the TCN had more than 300 abandoned projects scattered across the country and worth over N2tr.

The projects, which were initiated over 20 years include those to be funded by international development agencies but are laying fallow despite the country being stuck in 4500 megawatts of electricity generation.

Speaking before the committee, Adelabu said, “For the TCN alone, we will need about N2.779tr 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. We need your cooperation and collaboration in achieving the mandate of Mr. President in electricity supply to Nigerians.”

Speaking further on the Siemens project, Adelabu said, the substations to be built across the country would address the nation’s fragile power infrastructure, occasioned by obsolete equipment.

He added that its second phase would commence in the first quarter of 2025.

He also informed the lawmakers of the need to address the issue of vandalism as it concerns the electricity assets across the country.

Responding, the Chairman of the Senate Committee on Power, Sen. Eyinnaya Abaribe said that there have been improvements in supply adding that he knew more needed to be done in order to take Nigeria where it ought to be.

On his part, the Chairman of the House of Representatives Committee on Power, Victor Nwokolo said with commendation from committee members, the minister should have simply taken a bow and left, “But we will be shirking in our responsibility if we do not do the right thing as representatives of the Nigerian people who have elected us.”