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FGN secures $500m World Bank loan to improve electricity supply

The Federal Government of Nigeria, FGN’s Bureau of Public Enterprises (BPE) says the World Bank has approved a $500m loan to boost electricity distribution in the country.

This was in a statement from the Bureau of Public Enterprise (BPE), signed by the head of public communications, Amina Othman.

As part of the updates, the BPE revealed that the loan, under the bank’s distribution sector recovery program (DISREP), has been secured to mitigate the challenges faced by DisCos in the country.

“In a strategic move to address the identified gaps in the electricity distribution companies, the Federal Government of Nigeria has secured a $500m loan from the World Bank.

“Approved on February 4, 2021, by the World Bank board of directors, this funding supports the Nigerian Distribution Sector Recovery Programme aimed at improving the financial and technical performance of the Discos,” BPE stated.

It can be recalled that in February 2021, the World Bank approved $500 million to support Nigeria in improving operations of electricity distribution companies (DisCos).

The loan was approved by The Senate on May 15 after a request by President Bola Tinubu to finance the mass metering programme of the federal government.

Source: BPE

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