FG Secures Fresh $3bn World Bank Loan
FG Secures Fresh $3bn World Bank Loan

Minister of Finance, Mrs Zainab Ahmed has disclosed that the Federal Government has secured a $3bn loan from the World Bank.

The Finance Minister stated the loan is to be used for reforming the nation’s power sector.

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Mrs Ahmed who announced the approval of the loan at a news conference to wrap up the World Bank/IMF annual meetings in Washington DC explains that the loan is expected to improve power supply in the country.

According to her, the loan would be disbursed in four tranches of $750m each beginning from April 2020.

She also stated that the loan would 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.