Nigerian authorities have opened talks on borrowing some $3bn from the World Bank to enable the country fix struggling power sector.
The new borrowing will partly be used to boost distribution – which, at the moment is the weakest link in the electricity chain- and also transmission.
The minister of Finance, Budget and National Planning, Zainab Ahmed announced this on Sunday at a press meeting to end the week-lomg annual meetings of the International Monetary and World Bank in Washington.
The new proposed borrowing comes amid concerns of a ballooning debt profile for a country which also budgets trillions of naira to subsidize consumption annually.
But Ahmed, responding a BusinessDay concern in this regard said the new borrowing will rather cushion the huge subsidies being paid in the power sector.
…Details shortly
