The Market Operator of the Transmission Company of Nigeria , Engr. Edmund Ejie, on Wednesday disclosed that the Federal Government has approved N600billion for injection into the nation’s electricity market.
He broke the news to reporters at the Market Operator’s Participants/Key Stakeholders 2019 3rd Quarter Interactive Forum in Abuja.According to him, the intervention is for the payment of the shortfall in electricity invoices for the entire market.He said that “the intervention is at a very advanced level. It has been signed by Mr. President, Muhammadu Buhari.”TCN Managing Director, Mr.
He recalled that the government had paid rent on it for 50 years but at the point of planning to install a SCADA in the center, it realized that it was inappropriate to install it in a rented property. While deciding to relocate the center, the TCN was told that the property on which it has paid rent in error for 50 years belong to the Federal Government.He did not however disclose whether the government has plans to recover the fund from the private individuals that was fraudulently collected its rent for five decades.
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