FG Perfects Plans To Seek $3bn Loan For Electricity

The Federal Government has disclosed that it has perfected plans to obatain a fresh $3bn loan to facilitate the development of the power sector.

The Federal Government seeks the loan from the World Bank.

It could be however, recalled that humongous funds so far pumped into the Nigerian Electricity Supply Industry without commensurate power supply, more billions of dollars are on the way for the sector.

Darkness abounds in many Nigerian cities and villages in spite of the privatisation of the power sector in November 2013.

Since the sector was privatised, the highest quantum of power generated on the grid was 5,074.7 megawatts on February 2, 2016, while the highest maximum daily energy wheeled nationwide was 109,372MW on the same day.

Power generation, however, has been hovering around 3,500MW and 4,000MW due to various challenges confronting the sector.

It was gathered that over N3.98tn worth of investments had been made in the power sector by both the government and multilateral donor agencies so far.

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