World Bank Considers $1bn Loan To FG

By Ikenga Chronicles December 7, 2017

World Bank Considers $1bn Loan To FG

There are indications that the World Bank is currently considering to offer the Federal Government of Nigeria a $1bn loan.

This follows an agreement by the officials of both parties on Wednesday on the necessary steps before the money is issued.

The World Bank in a statement said it was committed to supporting the FG’s Power Sector Recovery Programme(PSRP) on which the money would be spent.

The statement reads in part, “The World Bank delegation informed the Federal Government that it was pleased with progress in implementing the early actions of the PSRP.

“The World Bank is committed to assisting the Federal Government with programme implementation, working closely with the PSRP Implementation Monitoring Team, which reports directly to the Vice President of Nigeria.

“The World Bank will continue the preparation of the proposed $1bn performance-based loan to support the programme. The Federal Government and the World Bank Group agreed on the necessary next steps to present the PBL to the World Bank’s Board of Executive Directors for their consideration.”

The statement also quoted the comments of the various top government officials, including Vice President Yemi Osinbajo, on the power sector programme.

Osinbajo was quoted to have said, “This administration is fully committed to implementing the PSRP. 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.

“It (PSRP) is an intervention that we have been working on in collaboration with the Federal Ministry of Power, Works and Housing, and the World Bank.”

“We are very confident that this laudable and vital programme will make a fundamental difference in the economy in particular and the country in general,” the Minister of Finance, Mrs. Kemi Adeosun, was quoted as saying.