Minister of Finance, Zainab Ahmed, says the Federal Government has secured a $3billion loan from the World Bank.
According to the Finance Minister, the loan secured by the Federal Government is to be used for reforming the nation’s power sector.
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Ahmed announced the approval of the loan at a news conference to wrap up the World Bank/IMF annual meetings in Washington DC, explaining that the loan would be disbursed in four tranches of 750 million dollars each beginning from April 2020.
The loan, according to her, would cover the funding gap as well as the current tariff which investors in the sector had described as very low compared to what is obtainable in other countries.