The World Bank has approved a $3 billion loan for Nigeria to expand its electricity transmission and distribution infrastructure.
Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, disclosed this during a press briefing at the just concluded World Bank/ IMF annual meetings in Washington DC.
She explained that the loan would be used to finance transmission, distribution and offset pending obligations to the sector, adding that it would also facilitate an end to the subsidy regime in the power sector.
According to her, the loan would be disbursed in four tranches of $750m each beginning from April 2020.
“We put a request for financing of the power sector at a range of $1.5 billion dollars to $4billion.”
