By NOEL ONOJA
The federal government has activated and commenced access to a $500 million African Development Bank (AfDB) loan with the setting up of a monitoring and evaluation (M&E) committee in Abuja. The loan aimed solely as intervention for the power sector is to be released in tranches of $100 million. The setting up of the committee is one of the pre-conditions for drawing on the loan.
According to a statement released by government, The Transmission Company of Nigeria (TCN), one of the successor companies of the now unbundled Power Holding Company of Nigeria (PHCN) charged with the responsibility of evacuating and transmitting generated power, has been asked to access the funds as it works towards bridging the enormous gap in the sub-sector.
It will be recalled that minister of power Chinedu Nebo has said that about $3.4 billion is needed to help upgrade the transmission network to the standard that it would evacuate the expected generation capacity coming on stream.
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