Federal Government earmarks N752bn for expansion of power transmission for 5 years.

Vice President Namadi Sambo

Vice President Namadi Sambo on Thursday said the Federal Government had earmarked N752 billion for expansion of power transmission in the next five years.

Sambo said this at the inauguration of the National Council on Power in Abuja.

Sambo, represented by the Minister of Power, Prof Chinedu Nebo, said government would continue to expand the national transmission grid to all parts of the country.

He said this would be done through additional resources leveraged from Development Finance Institutions (DFIs).

The VP said government was also committed to adequate provisions within the national annual budget in the years ahead.

He added that government also intended that more innovative approaches would be adopted to fund the Transmission Company of Nigeria (TCN) by opening private sector investment window in future.

He said some institutions had been established to earn investors’ confidence by further enhancing the environment for doing business in the sector.

Sambo said for the sector to grow in the direction the government intended it to be, metering gap amongst consumers must be bridged to shore up market revenue.

He said it was for this reason that government was sourcing for various funding.

Sambo said this included opening an initial N33 billion soft term credit line to enable the distribution companies to acquire smart meters.

He stated that the Ministry of Power and the Ministry of Mines and Solid Minerals Development had been directed to ensure the take-off of the first large scale coal-to- power project.

Sambo called on the council to come up with clear roles and mandates for stakeholders in the sector, as well as set targets and strategies toward achieving the power reform objectives.

The minister of power, who is also the Chairman of the council, said it would facilitate the progress needed to adequately advance the sector.

Nebo said the council would ensure the transformation of power to launch the country into an era of massive industrialisation and double digit GDP growth rate.

He told the stakeholders that the ministry would create consistent policies to support access to power, energy diversification and energy security for the country.

“Let us continue onwards with determination and perseverance to provide power to all Nigerians relentlessly until the frontier of darkness has been driven away from Nigeria”, he said. (NAN)