Fakoyejo OlalekanTransparency issue has trailed the Transmission Company of Nigeria (TCN) after the government-owned firm hid its personnel and overhead costs from the public.
In the 2023 budget presented by President Muhammadu Buhari, it was noted that Transmission Company of Nigeria disclosed capital earmarked for projects, but it failed to reveal its personnel and overhead costs.
While Transmission Company of Nigeria kept that essential part of its expenses hidden, it was gathered that Rural Electrification Agency (REA) and Nigeria Electricity Liability Management Limited, which are power agencies listed theirs.
Also, the personnel and overhead costs of Nigeria Electricity Management Services Agency (NEMSA), and the National Power Training Institute (NPTI) were made public.
Transmission Company of Nigeria had disclosed that N26.26 billion has been budgeted for capital expenditure (CapEx), construction/provision of fixed assets-general, construction/provision of electricity as well as its total capital, amongst others.
Note that Transmission Company of Nigeria had been recently entangled in a transparency issue over the controversial $33 million Azura power deal, which is under probe in the House of Representatives.
It had been discovered that the government had signed a deal that will see Nigeria pay about $33 billion to Azura for power generated either it is transmitted or not.
The lawmakers said the government signed such deal despite Azura failing to deliver on the target of generating 450MW, but Egbin and Transcorp Power Plant, both of which have 1,320MW and 920MW respectively, don’t have such deal in place.
Executive Director of Transmission Service Provider, Victor Adewumi, and Director Market Operator, Edmond Eje, said there’s a reason Azura hasn’t met the capacity, but he didn’t reveal the cause.
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