It is saddening to hear that there are about 120 projects to be executed by Transmission Company of Nigeria (TCN) which will cost over N158 billion to execute. The revelation was made to newsmen by the General Manger (Design) of TCN, Engineer Mike Ezeudenna. More shocking is the fact that there is only N18 billion available for the organization to get the projects executed.
According to Engr. Ezeudenna, his organization is being prudent in using fund to avoid unnecessary litigation with contractors. He said that most of the 120 projects are capital intensive, which might make contractors to lease certain equipment. He argued that if a contractor moves his equipment to site and there is no money to pay him, the only option available to them is going to court to ask for cost on ideal equipment and delayed payment.
This challenge is the reason most rural electrification projects are yet to be awarded for execution. A check in FCT showed that a couple of such project is yearning for attention.
On the issue of infrastructure financing, Engr. Ezeudenna called on the government to provide enabling environment for local and foreign investors to key into the sector.
He foresaw a bright future in the power sector when prospective investors are absorbed in the new set up.
TCN is one of the numerous companies unbundled out of the former Power Holding Company of Nigeria (PHCN). It is responsible for transmitting energy generated by other unbundled companies of the defunct PHCN.