FG Earmarks Over $1.61b for 24-Hour Power Supply

  • FG Earmarks Over $1.61b for 24-Hour Power Supply

The Federal Government has earmarked over $1.6 billion for 24 hours power supply, Alhaji Usman Gur, the Managing Director, Transmission Company of Nigeria (TCN), has said.

The Managing Director, who also doubles as the Chief Executive Officer of the TCN, disclosed this on Sunday in Kano.

He said the Federal Government will be collaborating with international agencies to ensure constant power supply in Nigeria.

According to him, the project will be completed under the Transmission Rehabilitation Expansion Programme.

“We are rehabilitating and expanding to degree 20,000 megawatts by 2022 across the country,” he said.

He also stated that the Federal Government has set aside about N32 billion to compensate Nigerians whose properties like lands, houses and farms may be affected by the project under the right-of-way legal provision.

“The total amount that we are going to pay for compensation across the country is about N32 billion and the total project cost is $1.61 billion. The project will be supported by various international donors.

“The compensation for right-of-way from Kumbotso sub-station to Zagara will cost about N3 billion. We have not completely validated it. The total cost for compensation across the country is being provided by the federal government, ” he said.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]torsking.com.

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