Transmission Company Of Nigeria Moves To Recover N270 Billion Debt From DisCos

Transmission Company Of Nigeria Moves To Recover N270 Billion Debt From DisCos

By Wires Editor | The Trent on September 30, 2019
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The Transmission Company of Nigeria, TCN, has written a letter to the minister of power, Engr. Sale Mamman on how to compel the electricity distribution companies, DisCos, to pay the outstanding debt of N270 billion to the Nigerian Bulk Electricity Trading, NBET, Plc.

Speaking at the TCN’s/Donor/Stakeholders meeting in Abuja on Saturday, September 28, 2019, its managing director, Mr. Usman Gur Mohammed, noted that with the application of the market rule, the company has been able to collect its 100 percent revenue from the DisCos.

But the outstanding N270 billion debt was the revenue that the Discos failed to remit to the TCN before he assumed office as the Chief Executive Officer of the TCN.

His words: “We have written to the Minister of Power, we also suggested to him, his we can work with NBET, if they will agree to work with us to force the DisCos to pay them their money. We are going to enforce it if they (ministers) agree. There is no reason we cannot enforce it.”

With the enforcement of the market rule, the TCN’s boss noted that the company has discovered that the DisCos that are weak, those that are strong, which can survive and those that will collapse under real market conditions .

He added that the enforcement has improved discipline and transparency in the electricity market.

Mohammed expressed hope that enforcing the market rule will reduce the federal government liabilities in the Nigerian Electricity Supply Industry, NESI.

The TCN, according to him, is now working with state Governors to secure the right of way for the expansion of network (25 meters both side for 330Kv line and 15 meters on both sides for 132Kv.

On the essence of the meeting, he noted that the TCN has received loans and grants totalling $1.6 billion from donor agencies.

He noted that the meeting was to give the donors an updated breakdown of the projects for them to guide the TCN on whatever ways they feel.

Mohammed said that aside from the Abuja Wheeling Scheme Project, non of the projects for which funds have been disbursed.

The CEO insisted that the projects are at their procurement stages in sustainable manner.

He revealed that the management of the TCN has reintroduced the Pupillage Training Program under engineers work under the tutelage of senior engineers for a period of one year before they can start work on their own.

He added that pupillage program existed in the PHCN where young engineers were trained for two years.

Read more at The Nation

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