The World Bank has approved the 3billion Dollars loan request by Nigeria for the expansion of the transmission and distribution facilities of the power sector.
Speaking after the approval of the loan during sideline event of the World Bank, The Minister of Finance, Zainab Ahmed stated that the loan would be disbursed in four tranches of $750m each beginning from next year.
She also revealed that some portion of the loan will be for the transmission network, adding that if the government can expand the facility to $4bn, then the additional $1bn will be used for the distribution network.
Naija News learnt that the fund would also cover the funding gap as well as the current tariff which investors in the sector had described as very low compared to what is obtainable in other countries.
Source: Naija News