The Transmission Company of Nigeria (TCN) requires approximately ₦2.8 trillion to execute 149 electricity transmission projects nationwide, according to Adebayo Adelabu, Minister of Power.
Adelabu disclosed this during budget defense sessions with power sector committees at the National Assembly, highlighting the substantial funding needed to address Nigeria’s electricity challenges.
“For the TCN alone, we will need about ₦2.779 trillion to enable us to execute about 149 projects we are currently engaged in all over the country. Our total budget as a ministry is not even up to this, but as the saying goes, half bread is better than none,” Adelabu said.
The minister appealed for cooperation from lawmakers to achieve President Bola Tinubu’s mandate of improving electricity supply to Nigerians.
“I’m telling you so that you can be aware of the kind of money that is needed in the ministry for us to address our electricity challenges. We need your cooperation and collaboration in achieving the mandate of Mr. President in electricity supply to Nigerians,” he added.
Adelabu also provided updates on the Siemens power project, part of the Presidential Power Initiative, which aims to address Nigeria’s fragile power infrastructure. He revealed that the pilot phase of the project was 95% complete in 2024, and the Federal Government has approved the commencement of the second phase in early 2025.
“The Federal Government is fully determined to address these challenges and issues that have been blocking our progress in our effort to provide electricity to Nigerians and our consumers,” Adelabu said. “Of particular note is the grid collapse, which has to do with the obsolete and outdated equipment around our power stations.”
He stated that the Siemens project would involve the construction of five substations across the country, which are expected to improve power supply and reduce the risk of grid collapses.
“To practically address this, the Siemens project will come on board in the first quarter of this year. We have almost concluded the takeoff of the project, and it will involve building five substations across the country. This will energize our supply so that the issue of grid collapse will be a thing of the past. By next week, we will begin the contracts for the substations to come on board,” the minister added.
