OKECHUKWU NNODIMInternational donors are providing about $1.5bn loan to Nigeria for the expansion of power transmission projects across the country. Officials of the Transmission Company of Nigeria confirmed this in Abuja on Saturday and stated that the funds were beginning to come into the power sector as the World Bank recently approved part of the money. It was also gathered that the African Development Bank would provide $200m for transmission projects, Islamic Development Bank, $444m; Japan International Cooperation Agency, $200m among others. He said, “We have $486m from the World Bank, $210m from the Islamic Development Bank, $444m from the Africa Development Bank and $200m from JICA. For instance, the Federal Government approved a power assurance guarantee of N701bn for power generation companies and has been releasing the fund to the Gencos on a monthly basis.

Source: Punch April 22, 2018 00:33 UTC