World Bank, FG discuss $1bn loan to support power sector | Nigeria Newspaper- Nigeria News| Naija News

12.12.17

World Bank, FG discuss $1bn loan to support power sector

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World Bank, FG discuss $1bn loan to support power sector
World Bank President, Jim Yong Kim

The World Bank said it has held a two day consultation with the Federal Government to fast track a $1 billion funding to support the Power Sector Recovery Programme (PSRP).
The programme provides strategies to reset the electricity market and make it more efficient by 2020.
It said the first meeting held in Abuja in December 2016 with the other in Washington during the 2017 World Bank and IMF Spring Meetings recently.
A statement by the Bank’s spokesperson in Nigeria, Olufunke Olufon said the Market Reset is to be led by the Nigerian Electricity Regulatory Agency (NERC) as it needs to have sufficient resources with which to discharge its independent mandate.
“The World Bank will continue the preparation of the proposed US$ 1 billion Performance Based Loan (PBL) to support the Programme. The Federal Government and the World Bank Group agreed on the next necessary steps to present the PBL to the World Bank’s Board of Executive Directors for their consideration,” the statement noted.
In his remarks, Vice President Yemi Osinbajo said, “We believe that the PSRP is the clearest pathway to reform the power sector and its success is contingent on a strict adherence to performance and Programme implementation monitoring which I will continue to give a priority from my office.”
The Minister of Power, Works and Housing, Mr Babatunde Fashola in the statement said, “The Federal Government is committed to addressing the challenges in the power sector as part of its efforts towards achieving economic recovery and accelerating growth.”
The bank’s Senior Director for Energy and Extractive Industries, Mr Riccardo Puliti said the discussions show strong government’s commitment towards steps that will ensure presenting the loan request to bank’s director for approval.

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