Fed Govt okays N2.373tr for power sector reform- The Nation Nigeria

The Federal Government has set aside the $6.15 billion secured from the World Bank, the African Development Bank , Siemens and others for the reformation of the power sector.

The Electric Power Sector Reform Act of 2005 unbundled the defunct Power Holding Company of Nigeria , created 18 power utilities that were privatised except the Transmission Company of Nigeria . They consist of six Generation Companies and 11 Distribution Companies . A statement from the Power Ministry explained that the objectives of the privatisation power sector remain largely a wishful thinking, the minister nonetheless expressed optimism of getting better result because the minister had a clear vision for the power sector.

“Apart from the Siemens agreement which is expected to perfect this plan, the Ministry had already begun the effort of mitigating the problems by supporting the wheeling capacity of TCN to deliver power to the DisCos for optimum delivery to consumers. TCN, it said, is also implementing the $1.6billion TREP with funding from development partners like World Bank, AfDB, JICA. Key projects impacted include Alaoji-Onitsha and Kaduna-Kano power line, among others.

The minister said the project’s scope has been reviewed, a pact signed with the state government on compensation and other issues; the land and aerial survey of the project site was renegotiated for N350million.

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