The Transmission Company of Nigeria has recovered 693 power equipment containers that were stranded at seaports across the country. It has been revealed that some of the containers had been stranded at various ports for about 15 years. Usman Mohammed, the Managing Director, TCN, stated that some of the power equipment had been auctioned but noted that the firm was going after the auctioneers to recover the containers. In his statement to journalists in Abuja, he said the firm has been able to recover 693 containers as of last week, out of a total of 800 containers that have been in the ports. He further disclosed that the Federal Government had approved for the TCN to anchor the 72bn investment, which would be invested in the 11 electricity distribution companies in Nigeria.
Electricity Tariff Rises By 145% in 10 Years
Even with N123 billion Nigerian Electricity Market Stabilization Fund (NEMSF) provided by the Federal Government as a subsidy to operators in the industry, indications have shown that the tariff paid by households for power rose to 145 percent in ten years. Yakubu Dogara, the speaker of the House of Representatives made this statement during the investigative hearing by the House Ad-hoc committee set up to interface with the Nigerian Electricity Regulatory Commission (NERC) on the Multi-Year Tariff Order (MYTO). In highlighting the importance of the hearing session, he mentioned how it was critical to examine and re-assess all inputs and assumptions in the Multi-Year Tariff –Order (MYTO) system in the electricity industry, and come up with a realistic tariff regime.
We will Quit if FG Refunds our money- DisCos.
Investors in the power sector have requested that the Minister of Power, Works, and Housing, Mr. Babatunde Fashola to urgently convene a meeting with the distribution chain to enable them to brainstorm on how to move the sector forward. While speaking to newsman in Abuja, the investors disclosed how the declining state of power supply in the country is a disaster waiting to hit the nation’s electricity supply system in the nearest future, if certain measures are not taken. They stated how ready they were to quit if their funds were made available to them by the federal government. Alhaji Tukur Modibbo, the chairman and Chief Executive of Jos Electricity Distribution Company, JEDCO, also agreed to sell the power assets he brought at $82 million five years ago for 72 million.