July 21, 2024
Nigeria Secures $500m World Bank Loan To Boost Electricity Distribution
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Nigeria Secures $500m World Bank Loan To Boost Electricity Distribution

The Federal Government has secured a $500 million loan from the World Bank in a bid, it says, to address identified gaps in power distribution by the Electricity Distribution Companies, DisCos.

According to Amina Tukur Othman, the Head of Public Communication at the Bureau of Public Enterprise, BPE, the loan, which was approved by the World Bank on February 4, 2021, is in support of the Nigerian Distribution Sector Recovery Programme, DISREP, and aimed at improving the financial and technical performance of the DisCos.

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The DISREP, according to her, is designed to enhance the financial and technical operations of the DisCos through capital investment and the financing of key components of their Performance Improvement Plans.

She further said that to provide repayment assurance, the BPE sought and obtained approval from the Nigerian Electricity Regulatory Commission, NERC, and the National Council on Privatisation for a structured repayment hierarchy.

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