World Bank has finally approved Nigeria’s request for a three billion dollars loan for the expansion of the transmission and distribution networks in the power sector.
The approval was given after a series of meetings held between the officials of the Federal Government led by the Minister of Finance, Zainab Ahmed and officials of the World Bank.
Ahmed confirmed this while addressing journalists on Sunday about Nigeria’s participation at the annual meetings of the World Bank/International Monetary Fund in Washington DC.
She said the loan would be disbursed in four tranches of seven hundred and fifty million dollars each beginning from next year.
The loan, according to her, would cover the funding gap as well as the current tariff which investors in the sector had described as very low compared to what obtain in othercountries.