The minister of finance, Zainab Ahmed says the $3 billion power loan been sought from the World Bank will be used to develop the electricity transmission and distribution network.
Speaking to journalists on the sidelines of the ongoing annual meetings of the International Monetary Fund and World Bank Group, Ahmed said the federal government would negotiate so that the loan could be released in tranches.
She said, “There is a proposed $1.5 to $3 billion facility for the power sector development programme in Nigeria, and this will include the development of the transmission network, development of the distribution network as well as removing the challenges that we have now currently within the electricity sector.
“We are going to have full nitty to discuss the power sector recovery programme. Back home we have been working a great deal with the World Bank to design how this programme will be implemented.
“So we have an opportunity now to have a direct meeting with the leadership of the bank to tell them the plan that we have and how much we need. So the funding could be a much as $3 billion. We are pushing for it to be provided in phases, maybe phase one would be $1.5 billion and phase two will be another $1.5 billion.”