The Minister of Power, Chief Adebayo Adelabu, revealed that the Transmission Company of Nigeria (TCN) requires approximately N2.8 trillion to implement 149 projects aimed at enhancing electricity transmission nationwide.
A statement from the Ministry on Tuesday indicated that Chief Adelabu shared this information during separate sessions with power sector committees in the National Assembly to present the Ministry of Power’s 2025 budget proposal.
The Minister also announced that, as part of efforts to improve power supply, the Federal Government has approved the start of the second phase of the Siemens power project under the Presidential Power Initiative, with the pilot phase 95% completed in 2024.
He said: “I am happy to appear before you today to address you on what we have been able to achieve 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 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 that 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”, the Minister said.
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to be built across the country, would address the nation’s fragile power infrastructure, occasioned by obsolete and outdated equipment.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 Of particular note is the grid collapse, which has to do with the obsolete and outdated equipment around our power stations.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”.
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