Peter Obi
The Presidential candidate of the Labour Party, Peter Obi, said he will privatise the Transmission Company of Nigeria (TCN), ushering an end to the government’s involvement.
Obi stated that TCN will be handed to a technical manager or operator to bring technological innovation, and needed investment to improve the grid.
“The FGN will retain top local and international financial advisers to restructure the Transmission Company of Nigeria (TCN), contracting an experienced grid operator to manage it to deliver, through callable financial guarantees, a resolution to the existing transmission challenges, persistent grid stability and an expanded capacity for Nigeria’s future power transmission needs,” Peter Obi said.
He made this known in his 72 pages manifesto. Explaining his restructuring plan for TCN, Obi disclosed that the private operator will record earnings based on incentives, innovation, and outputs.
According to the Presidential candidate, the revenue formula will prevent grid collapses, causing downtime will result in financial losses for the private operator.
Explaining his power sector plans further, Obi wrote, “The TCN operator/manager will be compensated using the formula: Revenue = Incentives + Innovation + Outputs (within network price controls).
“The FGN will deliver an upgraded and enhanced grid infrastructure, which the manager will improve, introduce innovative technologies for preventative maintenance and bring to bear, their proven technical capacity and experience to achieve the desired result.
“Any collapse of the network will result in significant financial losses for the network operator, and they will be incentivised to take every/all step to forestall such occurrences, while they will be compensated for grid stability and performance.”
Peter Obi To Privatise TCN
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