Power Sector: FG gets loan of $3bn from World Bank

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Naijahotspot

Mrs Zainab Ahmed, the Minister of Finance has said that the Federal Government of Nigeria has secured the sum of $3bn from the World Bank.

According to Mrs Zainab,  the loan was to be used for reforming the power sector of the nation.

The Minister who had announced the approval of the loan, at a news conference inorder to wrap up the World Bank/IMF annual meeting held in Washington DC, made the explanation that the loan was to reform the Power sector of the country, Nigeria.

Zainab stated that the loan was to be shared in four tranches of $750 million each starting from the fourth month (April)  2020.

The loan, would according to her, cover the  funding gap as well as the current tariff which the investors in the sector has described as low compared to the obtainable ones in other countries.

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