The House of Representatives Public Accounts Committee (PAC) has called upon the management of the Central Bank of Nigeria (CBN) and 11 Electricity Distribution Companies (DisCcs) to account for loans totalling $321 million and N18.2 billion, which were allocated for accelerating transmission, distribution interface, lines, and substation projects.
This summons was issued on Thursday, during the appearance of the Managing Director of the Transmission Company of Nigeria (TCN), Sule Abdul-Aziz, before the committee.
The Committee’s Chairman, Bamidele Salam, stated that these loans were obtained during the previous administration to improve transmission and distribution infrastructure, but were not utilized effectively.
Also speaking, the TCN Market Operator, Edmond Eje, said NERC oversaw engagement between TCN and 11 DISCOs to align on a list of critical interface projects that would significantly increase TCN’s capacity to unlock DISCOs energy demand in critical load centres.
He said a total of 125 projects were identified and agreed upon in the tripartite engagement.
