The Bureau of Public Enterprises says the federal government has secured a $500m World Bank loan to boost electricity distribution in the country.
“Approved on February 4, 2021, by the World Bank board of directors, this funding supports the Nigerian Distribution Sector Recovery Programme aimed at improving the financial and technical performance of the Discos.“The DISREP aims to improve the financial and technical operations of DisCos through capital investment and financing of approved performance improvement plans, approved by the Nigerian Electricity Regulatory Commission .
“The DISREP loan, particularly the Investment Project Financing component, is expected to significantly benefit the Nigerian Electricity Supply Industry by closing the metering gap; reducing Aggregate Technical, Collection, and Commercial losses; Improving remittances and liquidity for the DisCos; Enhancing the reliability of power supply, and increasing transparency and accountability within the DisCos.
The BPE added that the inclusion of the loan in the federal government borrowing plan was “approved by the senate committee on May 16, 2024”.The bureau said it has also obtained approval from the NERC and the National Council on Privatisation for a structured repayment hierarchy.
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