NIGERIAN TOOK A LOAN OF $750 MILLION FROM WORLD BANK TO WORK ON ELECTRICITY SUPPLY.
The world bank has accept a loan of $750 million to the federal government , which is to be used to improve on Nigera electricity supply.
According to world bank on june 24 said the loan is made for power sector recovery operation in achieve financial sustainability and enhance accountability in the sector.
That the PSRO will ensure that 4,500 MWH/hour of electricity is supplied to the distribution grid by 2022,Shubham chaudhuri ( the world bank country director for Nigerian) said the improvement on electricity supply will lift at least 100 million Nigerian out of poverty.
The lack of reliable power has studied economic activity and private investment and job creation, which is ultimately what is needed. The objective of this operation is to help turn around the help of power sector and set it on a fiscally sustainable path.
At it particularly urgent at a time when the government needs all the fiscal resources it can marshal to help protect on lives and livelihoods amidst the Civil-19 pandemic.
About 47% of nigerian do not have access to have electricity and those who do have access face regular power cuts said by World bank.