The loans were taken during the last administration to enhance the transmission and distribution infrastructure but were not judiciously used.
The House of Representatives Public Accounts Committee has summoned the management of the Central Bank of Nigeria and 11 Electricity Distribution Companies over $321 million and N18.2 billion in loans for the accelerated transmission distribution interface, lines and substation projects.
“Sometime in 2021, the then president Muhammadu Buhari granted that certain funds be made available for the purpose of enhancing the capacity of our transmission and distribution lines to be able to have a more robust power sector intervention and these funds were made available for certain projects to the distribution companies.
He said TCN was supposed to finance the project, however, the agency does not have such money hence the government asked the CBN to fund it.
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