FG Seeks $1bn Power Loan From World Bank

By Ikenga Chronicles February 26, 2018

FG Seeks $1bn Power Loan From World Bank

The Federal Government has approached the World Bank for the release of $1bn performance-based loan for Nigeria’s Power Sector Recovery Programme(PSRP).

The talks between both parties have been reported to be in the final phase with the approval soon to be signed.

Report also disclosed an earlier meeting between officials of the World Bank and the Federal Government on steps to present the PBL to the bank’s board of executive directors for consideration.

Latest documents on the PSRP obtained by Punch from the Federal Ministry of Power, Works and Housing in Abuja stated that “a World Bank mission from Washington DC occurred from January 22 to 26.”

It added, “The objective was to assess the PSRP implementation activities, review the PSRP deliverables with various power agencies as well as provide feedback on implementation activities. This mission is part of the World Bank’s ongoing assessment of programme activities.

“Based on this recent due diligence exercise, the PSRP’s $1bn loan to help ‘reset’ the electricity market is going into the final stage of negotiation and approval by the World Bank Board. The World Bank’s $1bn PBL earmarked to fund the programme is now being prepared for final approval based on the World Bank mission’s findings and the Federal Government’s progress on implementation.”