Government, World Bank Negotiating Another N305BN Electricity Loan
Buhari’s government is about to borrow another money from World Bank for electricity programmes.
It was gathered that the Federal Government and the World Bank are already in the final stage of negotiation for the release of $1 billion, about 305-billion-naira loan.
The loan is known as performance-based loan and it is for Nigeria’s Power Sector Recovery Programme, PSRP.
According to Punch, the loan was currently being prepared for final approval based on the recent findings on the PSRP by the World Bank Group and the Federal Government’s progress on implementation of the programme.
The PSRP is a series of policy actions, governance and financial interventions to be implemented by the Federal Government over the next five years.
Its target is to restore the financial viability of the power sector, improve transparency and service delivery, resolve consumer complaints, reduce losses and energy theft and reset the Nigerian electricity supply industry for future growth.
It was further learnt that officials of the World Bank recently met with the Federal Government’s representatives and both parties agreed on steps to present the performance-based loan to the bank’s board of executive directors for consideration.
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