World Bank approves $750 mln loan for Nigeria’s power sector

Date:

ABUJA — The World Bank has approved a $750 million loan for Nigeria’s power sector, the first release of funds after years of stalled talks over long-term reforms, it said.

Thank you for reading this post, don't forget to subscribe!

Nigeria’s decrepit power sector has hobbled the growth of Africa’s largest economy for decades.

Problems include decaying infrastructure, mounting debts, low tariffs for electricity and a dilapidated government-owned grid that would collapse if all the country’s power generators operated at full tilt.

The loan will cut tariff shortfalls, protect the poor from price adjustments, and increase power supplied to the grid, the World Bank said in a statement late on Tuesday.

Nigeria’s low tariffs, imposed by the government, have forced the central bank to spend billions of dollars making up the difference owed by power distributors to companies generating electricity.

The World Bank said the aim of the loan was to help Nigeria move away from “from highly regressive tariff shortfall financing.”

The lender often requires reforms to release funds, but it did not say whether any conditions were tied to the money or future tranches. (Reporting by Paul Carsten; Editing by Jason Neely and Jan Harvey)

Adeniyi Ogunfowoke
Adeniyi Ogunfowokehttps://naija247news.com/
**Senior Correspondent Profile: Adeniyi Ogunfowoke** Adeniyi Ogunfowoke is a seasoned Senior Correspondent at Naija247news.com, bringing a wealth of journalistic expertise to the dynamic landscape of news reporting. With an extensive background in the field, Adeniyi has consistently demonstrated a commitment to delivering insightful and compelling stories to Naija247news.com's diverse readership. **Professional Background:** Adeniyi Ogunfowoke has amassed a wealth of experience in journalism, having covered a myriad of beats over the years. His versatile reporting style reflects a deep understanding of socio-economic issues, politics, and global affairs, providing Naija247news.com readers with a comprehensive perspective on current events. **Areas of Expertise:** As a Senior Correspondent, Adeniyi specializes in investigative reporting, offering in-depth analyses that go beyond the surface of news stories. His keen eye for detail and ability to connect the dots in complex narratives make him an invaluable asset to Naija247news.com. **Notable Achievements:** Throughout his career, Adeniyi Ogunfowoke has received recognition for his outstanding contributions to journalism. His bylines have become synonymous with well-researched, informative, and thought-provoking articles that resonate with a broad audience. **Commitment to Excellence:** Adeniyi's commitment to journalistic integrity is evident in his dedication to delivering accurate and timely news. His work reflects the core values of Naija247news.com, emphasizing credibility, transparency, and a commitment to keeping the public well-informed. **Engagement and Impact:** In the digital era, Adeniyi understands the importance of engaging with readers. His articles not only inform but also spark conversations, fostering a sense of community and dialogue among Naija247news.com's audience. **Future Endeavors:** As a Senior Correspondent, Adeniyi Ogunfowoke continues to set high standards for journalistic excellence. His future endeavors include exploring emerging trends in media, staying ahead of the news curve, and contributing to Naija247news.com's ongoing success as a trusted source of information. Follow Adeniyi Ogunfowoke's insightful reporting on Naija247news.com for a nuanced understanding of current affairs, backed by experience, dedication, and a passion for uncovering the untold stories.

Share post:

Subscribe

Popular

More like this
Related

Mbah inaugurates ESUT Governing Council

Governor of Enugu State, Dr. Peter Mbah has inaugurated...

Canada-based Nigerian playwright, Oguntokun is dead

Renowned Nigerian playwright and theatre director, Wole Oguntokun, is...

Atiku’s loyalists declare support for Tinubu, Fubara

By Daniel Abia, P/Harcourt Members of the former Rivers State...

FAAN shuts KFC outlet at MMIA

In response to a social media report by a...
Social Media Auto Publish Powered By : XYZScripts.com

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading