FG to spend N15bn to achieve 8,000 megawatts electricity generation by 2016

Dr Atiku Abubakar, Deputy Managing Director, Transmission Company of Nigeria (TCN), on Tuesday said about N15 billion was required for the nation to generate 8,000 megawatts of electricity by 2016.
Abubakar made this known during inspection of some ongoing electricity projects at the sidelines of a training programme for auditors in Lagos.
He disclosed that electricity generation in the country recently improved and attributed it 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 said that contrary to other opinions, 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 assured 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 interested investors who were willing to invest in the transmission segment had been shortlisted, adding that over 30 investors that could deliver on project had been chosen.
He said that he would not disclosed the names of the investors now, adding that ‘’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.