$1.6b World Bank’s electricity fund not invested

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The $1.66 billion secured from the World Bank and other financial agencies to boast electricity in Nigeria has not been invested yet.

The Transmission Company of Nigeria (TCN) denied claims that the money had been invested.

The government-owned transmission company said the financing was raised for the expansion of the national power grid.

According to the TCN, the Nigeria Electricity Transmission Project, which seeks to redress certain deficiencies and operating constraints of the power transmission system, is financed by the World Bank and is worth $486 million.

“The project is in three stages; two phases have passed pre-qualification state while the third is still on pre-qualification stage,” the Managing Director, TCN, Mr Usman Mohammed, told our correspondent in an interview.

He said the pre-qualification of the Northern Corridor project being funded by the French Development Agency (Agence Française de Développement) was almost completed.

Mohammed said, “The project will cover the closing of loop in-between Sokoto to Kaura Namoda and Katsina.

“Environmental Impact Assessment is on-going, verification for compensation for the right of way is also on-going. The project loan is $300m.”

According to him, the Lagos-Ogun transmission project, which is worth $238m, is being financed by Japan International Cooperation Agency.

Mohammed said the project design, EIA studies, technical studies and resettlement action plan had been concluded.

He said compensation request had been forwarded to the Bureau of Public Procurement for due diligence which is expected to be concluded in the third quarter of the year.

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