BREAKING: World Bank denies approving $3 billion electricity loan to Nigeria

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.

Discussions regarding our support are ongoing and more details will be available when the negotiations are completed by March 2020 – The World Bank

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.

Zainab Ahmed, the Nigerian Minister of Finance at the 2019 World Bank and International Monetary Fund Meetings in Washington D.C.. Photo: SIMON ATEBA, TODAY NEWS AFRICA USA

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.

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Simon Ateba
Simon Ateba
Based in Washington, District of Columbia, United States of America, Simon leads a brilliant team of reporters, freelance journalists, analysts, researchers and contributors from around the world to run TODAY NEWS AFRICA as editor-in-chief. Simon Ateba's journalistic experience spans over 10 years and covers many beats, including business and investment, information technology, politics, diplomacy, human rights, science reporting and much more. Write him: [email protected]

4 COMMENTS

  1. You never can tell when this APC is saying correct thing.Sometimes it is former CJN with 55 house that your to only 5 in Court etc etc

  2. What we need from the world is our freedom, Nigeria deceitful they collect and share it among themself and leave the poor massWE ARE SICK AND TIRED OF THIS WEAKNESS, WE NEED BIAFRA!!!

  3. So you just concluded because according to the world bank’s statement, it says they are still in negotiations.
    What i actually sense in this writing is some kind of maneuver for misinformation, why didnt you title it as your opinions, because it is rather that than a report.
    The first tranch is to be released on the 4th month, whereas the negotiation is to be concluded on the 3rd month but you jump on your boot concluding it will not come because there is something else you target.

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