The Transmission Company of Nigeria says the country must fork out a lot of money, one trillion naira to be exact, if it is to stabilize the national grid.
The company’s executive director Victor Adewumi, dropped this bomb on Wednesday during the fifty-second power dialogue of the Nigeria electricity hub.
He said the one and a half trillion dollars inflow into the company from international agencies is not enough to stabilize the grid. He said with internal financing through its internally generated revenue and federal government input, TCN would still require at least six hundred billion naira. He said, when the two are combined, about one trillion naira would be needed to accomplish the goal.
Adewumi said that kind of money does not flow into TCN at the moment because distribution companies, discos, are not paying TCN the required monies. Adewumi said TCN is getting below sixty percent of its tariff.
The TCN boss said the alternative funding avenue is to explore project financing, where financiers would fund specific areas of TCN operations, like transmission lines. Those financiers would get their money back over a period of time, based on the cost of energy that is ultimately wheeled on those lines.
COVID-19: Nigeria Records 1,398 New Infections
With nine more COVID-19 deaths recorded on Wednesday, the country’s death rate from coronavirus has risen to thirteen hundred eighty-two across the country.
The Nigeria Center for Disease Control reported 1,398 new cases in 22 states and the Federal Capital Territory. Lagos recorded the highest toll with 542 cases, followed by the FCT which posted one hundred thirty-one.
21 other states also recorded cases in single and double digits.
NCDC says 82,555 patients have been discharged across the country.
Health authorities attribute the rising death toll to late referral of COVID-19 patients to treatment centres.
Co-coordinator of the Presidential Task Force, PTF, on COVID-19, Sani Aliyu, confirms one in every six persons tested for COVID-19 in Nigeria in the past two weeks had returned positive.
FG Disburses Another N123.34bn Grants To States
The federal government has disbursed a fresh N123bn performance-based grants to state governments.
Minister of finance, budget and national planning, Zainab Ahmed, disclosed this in a statement issued in Abuja on Wednesday.
Ahmed says the disbursement is a result of the achievements made by the states in the just concluded 2019 annual performance assessment.
The assessment was carried out by the office of the auditor-general of the federation as the independent verification agent and approved by the programme coordination unit of the finance ministry.
The finance minister says the indicators covered fiscal transparency, accountability, expenditure efficiency, revenue mobilization and debt sustainability.
States received grants in accordance with the number of results achieved. Sokoto state received the highest amount, six and a half billion naira, while Kano got the lowest amount of one point seven billion naira.
Bayelsa, Imo, Rivers and Zamfara states got zero allocation because they did not meet the 2019 eligibility criteria which require states to publish online approved annual budgets and audited financial statements within a specific timeframe.
FG Meets With Governors, Considers Extending Curfew Hours
The second wave of the coronavirus pandemic and the rising cases in the country are causing the federal government to review its curfew policy.
National coordinator of the presidential task force on COVID-19, Dr. Sani Aliyu, says the federal government is considering extending curfew hours as part of its response to the second wave of the pandemic.
An 8 pm to 6 am curfew, which was later relaxed to 12 midnight to 4 am, was declared in April and is still in force.
Aliyu said at a press conference on Monday that federal government was in talks with state governments on to review the curfew.
The PTF coordinator has asked vulnerable persons to stay at home, especially those who are older than sixty years or diabetics and those with other morbidities.
Aliyu said the decision for another lockdown is in the hands of, quote, “all of us the general public.” He said as long as the general public abides by the protocols set up for the virus, there would be no need or another lockdown.