Punch||The Transmission Company of Nigeria on Tuesday said it had so far received N102bn ($655m) from both the Federal Government and international donor agencies to boost power transmission infrastructure across the country.
TCN also said it would need $1.5bn annually to efficiently evacuate the 20,000 megawatts of power being targeted by the Federal Government by 2020.
The Director, Finance and Accounts, TCN, Mr. Sunny Iroche, stated that the Federal Government, through the Ministry of Finance, had been assisting the company in sourcing for funds.
He explained that the company had received some of the funds sourced for it by the government, adding that they would be meticulously used in developing strategic projects.
Iroche spoke at the maiden press briefing by the Chairman of the TCN Board, Mr. Ibrahim Waziri.
“So far, we have received $150m from the African Development Bank and we are in the process of getting $170m from the French Development Agency. You are aware that the Federal Government, sometime last year, borrowed $1bn, out of which $135m has been given to us, and all the money is with the Central Bank of Nigeria and it is for the improvement of the transmission infrastructure.
“We also have $200m from the Japanese International Corporation Agency.”