Updated: February 25, 2021
The World Bank on Wednesday denied approving $3 billion electricity loan to Nigeria, saying that negotiations were still ongoing and would be completed in March next year.
“The Word Bank and the Nigerian Government are in discussion for technical and financial assistance to support Nigeria’s power sector reform. The focus is to improve access to electricity for the people of Nigeria. Discussions regarding our support are ongoing and more details will be available when the negotiations are completed by March 2020,” a World Bank spokesperson said in a statement to TODAY NEWS AFRICA USA.
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The Nigerian Minister of finance Zainab Ahmed announced last Sunday that the World Bank had approved $3 billion loan for Africa’s most populous nation to expand its electricity transmission and distribution infrastructure.
Speaking at a press conference in Washington D.C. at the end of the 2019 World Bank and International Monetary Fund Meetings, Zainab Ahmed said the loan will be released in four tranches of $750 million each and could be expanded to $4 billion.
The money, she said, would also be used to pay previous engagements in the power sector.
Officials from the Ministry of finance would be at the World Bank in April to receive the first installment of the loan, she added in her remarks and in questions and answers session.
But the World Bank’s statenent shows the funds are yet to be approved and there was no guarantee the loan would be granted.