The Vice President, Arc. Namadi Sambo, has revealed that the federal government is making serious effort to unlock full development of gas resources of over 186 trillion standard cubic feet of gas with a view to making the commodity available for the power sector and other domestic industries

The Vice President, who was represented by the Minister of Power, Prof. Chinedu Nebo declared that the government is in collaboration with some financial institutions have pooled a total sum of $4.7 billion, (about N752 billion) which is already being earmarked for power transmission expansion in the next five years.

According to him: “With respect to the issue of improving our transmission infrastructure, this had been identified by many as one of the weakest links in our perspective plan towards making power available and ensuring greater reliability.

“Let me reassure all stakeholders in the sector that no stone is being left unturned in ensuring that Transmission Company of Nigeria, TCN, is well funded to be able, at any time, to exceed our generation capacity in terms of its wheeling power.

“Besides our commitment to adequate provisions within our national annual budget in the years ahead, we will continue to expand our national transmission grid to all parts of the country through additional resources leveraged from Development Financial Institutions, DFIs, such as Africa Development Bank, AFDB, Islamic Development Bank, IDB, World Bank Group, WBG, Japan International Corporation Agency, JICA, among others.

“A total of USD$4.7 billion (N752 billion) is already being earmarked, for transmission expansion in the next five years.   In addition to this, more innovative approaches will be adopted to fund the TCN through opening possible private sector investment windows at the nearest time possible.

“Similarly, it is not surprising, I have been informed, that the question of adequate metering has been raised repeatedly in the course of this Council and indeed in discussions among Nigerians. Government is greatly concerned that the metering level amongst consumers remains low and the incidences of arbitrary or estimated billing still exists.

“For the power sector to progressively grow in the direction in which government intends it to be, this metering gap must be bridged immediately.

“Indeed, adequate metering could play a multiplier role by shoring up the market revenues of the distribution companies themselves and also ensuring greater equity and accuracy in the billing of consumers.

“It is for this reason the government is sourcing various funding revenues, including opening an initial N33 billion soft term credit to enable the distribution companies acquire smart meters and making them more available to consumers.”