The Minister of Power, Mr. Abubakar Aliyu, announced that the Federal Executive Council (FEC) has on Wednesday approved N1.4 billion to boost power supply in the country.
Driving the news
The Federal Executive Council (FEC) meeting presided by President Muhammadu Buhari approved N1.4 billion for the purchase of handling equipment, haulage, and operational vehicles for the Transmission Company of Nigeria (TCN).
Why it matters
The power sector has come under heavy criticism following the continuous collapse of the national power grid, reduced power generation, and poor maintenance of its facilities. In this time, the power sector stakeholders have maintained that proper funding would play a major role in improving the situation of the sector.
- Apart from the N1.4 billion approved by the FEC, the Central Bank of Nigeria had earlier promised to invest N104 billion in the power sector to improve the linkage of infrastructure that exists between Transmission Company of Nigeria (TCN) and the nation’s eleven Distribution Companies (DisCos).
What’s he’s saying
The Minister of Power, Mr Abubakar Aliyu, speaking to newsmen explained that he presented two proposals at the council meeting totaling N1.4 billion.
- The first one was to establish a 132/33 KV substation at Kafanchan, Kaduna State, with a KV line base extension at Jos substation, in Plateau State for a sum of N132, 705, 861.42.
- The second being the purchase of equipment for TCN for a sum of N1,338,159,080.88.