World Bank Approves $486m Loan To Improve Nigeria’s Electricity Infrastructure

The World Bank, on Monday, October 5, agreed to provide a $486m loan to the Federal Government to support its Nigeria Electricity Transmission Project (NETP).

iReporter gathered that the NETP is expected to improve the power transfer capacity of the nation’s transmission network and enable distribution companies to supply additional power to its consumers.

It is reported to be part of the federal government’s Power Sector Recovery Programme (PSRP). The FG stated that with this loan, it intends to upgrade electricity transmission substations and lines across the country.

The World Bank Nigeria country director Rachid Benmessaoud said: “The NETP will help address key bottlenecks in the transmission network; and also improve access to affordable and reliable electricity service to citizens.”

Besides the World Bank, financiers of the projects include the International Development Association (IDA) credit; and an International Development Association (IDA) Scale-Up Facility credit.

In his comments, the Minister for Power, Works and Housing Babatunde Fashola said: “The Federal Government is committed to addressing the challenges in the public-owned transmission network; and the financing being provided by the World Bank under the Nigeria Electricity Transmission Project power sector underlines this commitment.

“The Federal Government anticipates that private sector financing in the privately-owned segments of the value-chain; will complement the government’s efforts in bringing better quality service to citizens.”

“The government anticipates that the project will ensure an adequate and reliable electricity supply; that is necessary for Nigeria’s continued economic development.”

Meanwhile, the All Progressives Congress (APC), in Ondo State, has accused its arch-rival, the Peoples Democratic Party (PDP); of fuelling violent attacks in the state through its campaign slogan for Oct. 10, polls.
This is contained in a statement by Mr Alex Kalejaiye, the state Publicity Secretary of APC, on Monday, October 5, in Akure.

iReporter reports that the PDP campaign slogan for Ondo 2020 is “Eyitayo Must not Fail”. Kalejaiye described the campaign slogan as a new version of the old “do-or-die” approach to election matters.

“The APC has it on good authority that the PDP youth are easily moved to action once they hear the slogan.

“It is an indication that the PDP candidate and leaders are very desperate for power.

“This seeming desperation in the camp of the PDP flag bearer induces the party thugs to go wild; and also to destroy anything in sight.

“So many innocent people have fallen victims in the last one week; and vehicles also destroyed because they display Akeredolu stickers,” he alleged.

from iReporter Online
World Bank Approves $486m Loan To Improve Nigeria’s Electricity Infrastructure World Bank Approves $486m Loan To Improve Nigeria’s Electricity Infrastructure Reviewed by Osigwe Omo-Ikirodah on October 06, 2020 Rating: 5

No comments:

Powered by Blogger.