Deputy Managing Director, Transmission Company of Nigeria (TCN), Dr Atiku Abubakar, on Tuesday said about N15 billion was required for the nation to generate 8,000 megawatts of electricity by 2016.
Speaking, while inspecting some ongoing electricity projects at the sidelines of a training programme for auditors in Lagos, Abubakar disclosed that electricity generation in the country recently improved due to improved gas supply to generating stations.
According to him, we have been able to reach the highest peak so far in July of about 4,652 megawatts while the transmission capacity remains a little above the power generated so far. He disclosed that TCN had the capacity to transmit about 5,300 megawatts of electricity.
“As generation is improving, we are expected to expand transmission capacity to be able to evacuate all that is being generated in the stations for distribution.
“l can assure that we have our plans, targeting projects that are very critical which have been mapped out so that within the shortest possible time, will be able to hit 8,000 megawatts transmission capacity by end of 2016,” he said..
Abubakar said that investors that could deliver on the project had been shortlisted. “We are trying to see that they are capable both technically and financially, because it is expected that they will fund the project.”
“Presently, we are in the process of coming up with the frame work which will enable them to recover their investment in time.
“Since Federal Government will not give them sovereign guarantee, we are coming up with modalities of repayment from our billing charges and internally generated revenue for over a period of time,” Abubakar said.