World Bank Borrows Nigeria $3BN For Electricity Project

Published 4 weeks ago by: Daniel Bosai
at 06:12 PM, 20/10/2019 (4 weeks ago)

(17417 | Hero) (m)

The World Bank has agreed to give Nigeria a $3 billion loan for the expansion of the transmission and distribution facilities of the power sector, Minister of Finance, Zainab Ahmed, has revealed.
According to her, the loan would be disbursed in four tranches of $750m each beginning from next year and it would cover the funding gap as well as the current tariff which investors in the sector had described as very low compared to what is obtainable in other countries.
“It will also enhance our ability to pay previous obligations in the sector that has crystallised so that investors in the sector can go on with expanding investments in the sector,” she added.
She noted that some portion of the loan will be for the transmission network, adding that if the government can expand the facility to $4bn, then the additional $1bn will be used for the distribution network.
“The distribution sector will be at the backend when the other reforms have been carried out. It will be a loan to the distribution companies because they are owned by the private sector,” she concluded.

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kp45 at 07:03 PM, 20/10/2019 (4 weeks ago)
(10313 | Hero) (m)

Deltaboy1 at 07:04 PM, 20/10/2019 (4 weeks ago)
(936 | Upcoming) (m)

Fulani don kill us
Brave5500 at 07:34 PM, 20/10/2019 (4 weeks ago)
(914 | Upcoming) (m)

Who will pay all these borrow borrow money without any result for d spending??
Henrybobo at 07:55 PM, 20/10/2019 (4 weeks ago)
(1555 | Gistmaniac) (m)

All these money de 9ja already..
Noah147 at 08:35 PM, 20/10/2019 (4 weeks ago)
(238 | Upcoming) (m)

Politicians will pocket 2.9 Billion lol God go punish these people
Baye77 at 09:23 PM, 20/10/2019 (4 weeks ago)
(5143 | Gistmaniac) Online (m) people should have come execute those projects yourself...they will share that money Oo
james987 at 11:02 PM, 20/10/2019 (4 weeks ago)
(8604 | Hero) (m)

Nigeria is buried. How many billion dollars are they owning china? Now world bank,sorry to my people by the time buhari finishes from aso rock Nigeria would be dead. Some people keep saying pdp is corrupt hahahaha y'all ain't seen nothing yet. All hail sai baba
scottchris at 09:58 AM, 21/10/2019 (4 weeks ago)
(3691 | Gistmaniac) (m)

Thank God im not a Nigerian....una go pay debt tire.....



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