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Federal Government To Receive Loan Of 3 Billion Dollars From World Bank
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Federal Government To Receive Loan Of 3 Billion Dollars From World Bank

Eludoyin Oluwanisola

The world bank has approved a loan of 3 billion dollars requested by the Federal Government.

The Minister of Finance, Zainab Ahmed, made the disclosure on Sunday at a media briefing on the activities of the Nigerian delegation to the just-concluded World Bank/International Monetary Fund Annual Meetings, which held in Washington.

According to the minister, the loan was to finance the power sector. She said that private investors complained about finding gaps and tariff differentials. She further explained that the loan would be used to bridge these gaps.

Ahmed also said a portion of the money would go into the transmission segment of the electricity value chain. He added that the funds would also address the shortfall between the current tariff and the actual cost of generating electricity.