AfDB Confirms $155 Million Loan Reports For Power Sector

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It has been revealed in a statement by Fatimah Alkali, Senior Communications Officer of African Development Bank in Abuja that the AfDB has approved a loan of 155 million dollars for Economic and Power Sector Reform Programme (EPSERP) in Nigeria.Previous reports had suggested that there might be a face-off between the Senate and the Federal Government on plans to secure a facility of 174 million dollars from AfDB. The media reports also revealed that part of the security for the loan was the handing over the management of Transmission of Company of Nigeria (TCN) to AfDB and that AfDB would have three of its staff to take over the management of TCN for six months and would terminate the appointment of current management of TCN.To this end, the AfDB, in its statement, said that the appointment of the management TCN was a prerogative of the Nigerian authorities and not that of AfDB

It stated that the loan was aimed at improving power systems, business environment and sustaining growth through sound macroeconomic policies and budget priorities. AfDB said the amount was fully disbursed in two tranches on March 1, 2013, and December 21, 2015, respectively.

According to the statement, the program was designed to benefit the entire population of Nigeria in terms of extended access to a more reliable supply of electricity at a reduced rate.

“The EPSERP will have a major positive impact on the private sector through the substantial reduction in the cost of doing business for all economic sectors, particularly in the formal and informal manufacturing and service activities which are seriously constrained by the power supply gaps.“

AfDB also said that the bank had also released one of its staff to support the government in its power sector reforms program for 12 months on September 19, 2016

It said it was committed to assisting Nigeria to achieve the objectives of its reforms in the power sector in accordance with the priorities already approved by the authorities.

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About Tomide Adeyeye 429 Articles
Federal University Of Technology (FUTA) Alumnus. I am constantly overwhelmed by the power of the written word and how it can transcend genres, stereotypes, and even time itself. This fascination drives my passion for writing.

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