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Tag: World Bank

  • Delta Govt. accesses N7.8bn UBEC funds

    The Delta Government on Monday said it had accessed N7.8 billion Universal Basic Education Commission (UBEC) counterpart funds in four years.

    Mr Chiedu Ebie, the Commissioner for Basic and Secondary Education, disclosed this in Asaba at the 2018 Ministerial Press Briefing organised by the Ministry of Information.

    He said that the funds were accessed in 2013, 2014, 2015 and 2016, adding that the state government had approved the release of N1.28 billion as counterpart fund to enable it access the 2017 UBEC funds for 2017.

    According to the commissioner, government also accessed the 2013, 2014, 2015 and 2016 UBEC funds, valued at N2.06 billion, N1.90 billion, N1.75 billion and N2.08 billion.

    ‘‘All these were accessed by the present administration, bearing in mind that the state last accessed its grants from UBEC in 2012.

    ‘‘The state executive council recently approved the release of N1.28 billion counterpart fund to enable us access the 2017 UBEC funds which places us as one of the few states in the country to do so.

    ‘‘So far, from UBEC grants and the state counterpart fund, the State Universal Basic Education Board (SUBEB) has received N7.8 billion which has been judiciously utilised in improving basic education institutions in the state,’’ he said.

    Ebie said that the UBEC funds were used for the purchase of 1,779 teachers’ furniture, construction of perimeter fencing and corresponding gatehouses of 81 schools.

    He also said that it was used for the construction of 79 solar powered boreholes, construction of 243 modern toilets and several ongoing projects to facilitate teaching and learning.

    The commissioner said that the state government spent over N2.5 billion on improving infrastructure, refurbishing and supply of equipment to six technical colleges in the state.

    He also said that the technical colleges, through the World Bank/State Employment and Expenditure For Result (SEEFOR), had enjoyed a grant of N45 million annually since 2015.

    Ebie said that the state government was responsible for maintaining the existing 1,124 public primary schools with the population of 319,719 pupils, with 472 post-primary institutions of total population of 350,803 students.

    ‘‘To enhance access to education and in consonance with the Sustainable Development Goals(SDG 4), the UBE Act and New National Policy on Education, this administration has established additional 12 primary and 34 secondary schools across the state.’’

    Ebie also noted that the state government had between 2015 and 2018 executed 341 projects in 253 schools in both primary and secondary schools across the state at a cost of about N17.2 billion.

    According to the commissioner, 341 projects intervention in 253 primary and secondary schools in 2015, 2016, 2017 and 2018 costs N2.4 billion, N3.9 billion, N8.4 billion and N2.5 billion respectively.

    Ebie said that education ministry was partnering with other private agencies to develop sporting activities in both primary and secondary schools in the state.

    He said that the government was committed to providing good education, teacher training and capacity building to meet the current modern education needs of students.

     

  • Adeosun, Emefiele represent Nigeria at IMF/World Bank meeting

    The Minister of Finance, Mrs Kemi Adeosun and Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, left Nigeria for Washington DC on Sunday to join other economic experts from around the world to discuss issues affecting global economy.

    Discussions would take place under the auspices of the World Bank Group and the International Monetary Fund (IMF).

    The Spring Meetings of the IMF and the World Bank will bring together central bankers, ministers of finance and development, parliamentarians, private sector executives, representatives from civil society organisations and the academia.

    The experts will discuss issues of global concern, including the world economic outlook, poverty eradication, economic development and aid effectiveness.

    There will also be seminars, regional briefings, press conferences and many other events with focus on global economy, international development and the world’s financial system.

    The meetings will hold between April 16 and April 22, 2018.

    Nigeria attends the meeting each year because of the quantum of investments and assistance it receives from both the IMF and the World Bank.

    Although Nigeria currently has zero loans with the IMF, it enjoys technical support from the organisation.

    The World Bank Group on the other hand is helping to fight poverty and improve living standards in the country through 33 Core Knowledge Product Reports and 29 ongoing National and Regional projects.

    This is in addition to about 60 Trust Funds.

    The World Bank Group since 1958 supported Nigeria with loans and International Development Association (IDA) credits worth about 14.2 billion dollars.

    The group in 2017 fiscal year alone committed 1.51 billion dollars to the country and so far in 2018, it already spent 486 million dollars on different development projects across the country.

    Some of the projects include Electricity Transmission Project, Agro-Processing, Productivity Enhancement and Livelihood Improvement Support Project, Polio Eradication Support Project and Housing Finance Development Programme, among others.

     

  • DPP lauds Senate for rejecting El-Rufai’s $350m World Bank loan

    The Democratic People’s Party (DPP) on Wednesday praised the Senate for rejecting the 350 million dollars loan application by the Kaduna State Government.

    The National Chairman of the party, Mr Garshon Benson newsmen in Abuja that the rejection of the loan application was in the interest of people and future of the state.

    “My party’s view is that the National Assembly acted very well by rejecting that loan application from Kaduna State, under the leadership of Gov. El Rrufai.

    “From the information available to all of us, the National Assembly made us to know that Kaduna state is the second worse debtor states in the federation indebted to the tune of over 200 million dollars

    “So adding more debt is not the best for the people of Kaduna state.

    “We had expected Gov. El Rufai, given his wealth of experience in public life, to have tried to open up alternative sources of revenue for his state and increasing the Internally Generated Revenue (IGR).

    “That will have reduced the pressure of lack of funds on the state and make more funds available for development.

    “So, I praise the courage of the Senate Committee that did the job and the position of the entire Senate.’’

    The Senate recently rejected the request by the Kaduna State Government to obtain a $350 million loan from the World Bank.

    The three Senators from the state, Shehu Sani, APC, Kaduna Central; Suleiman Hunkuyi, APC, Kaduna north and La’ah Danjuma, PDP, Kaduna South said that it became imperative for the credit facility to be rejected because critical stakeholders from the state were never consulted and for the fact that the fact that the state was already heavily indebted.

    Benson said that the action of the Senate had saved Kaduna state and its economy from increased indebtedness.

    He, therefore, advised Nigerians not to see the rejection of the loan application as political vendetta.

    He said if the loan was approved, those that would suffer the consequences would be the unborn children of the state.

    “It is our view that Kaduna can raise its Internally Generated Revenue in such a way that they can take care of salary payment without touching their federal allocation.

    “If the state can generate IGR to pay salary, it will have a lot of money left over to meet other developmental needs.’’

    Benson also advised other state governors to take proactive measures to increase their revenue base rather that increasing their debt profile.

    He said that one of the reasons most states’ debt profiles were increasing was that political office holders failed to adequately prepare for the positions they were occupying.

    “Before you want to be a governor, president or Local Government chairman, you should be able to conduct research to know how healthy is the state you want to run in terms of economic viability.

    “How much is the salary wage bill per month? How much is the state of liquidation? What per month is income that comes to the state, both from federal and IGR.’’

    “Most of them are not prepared. That is why some of them would want to add to the existing debt, rather than thinking of how to reduce or add value to the income of the state.’’

  • We’ll pursue $350m World Bank loan without your approval – Kaduna Gov tells Senate

    The Governor Nasir El-Rufai led Kaduna State Government has reacted to the Senate’s rejection of its $350million loan from the World Bank insisting that it would go ahead to pursue with or without the Senate’s approval.

    Recall that the Senate decided not to approve the loan request after a committee headed by Shehu Sani (APC-Kaduna) advised against it on the ground that the state is the second most indebted in the country.

    Sani, who is the chairman, Senate Committee on Foreign and Domestic Loans, argued that the new loan if approved will erode economic viability of the State.

    His position was supported by two other senators from the state, Suleiman Hunkuyi (Kaduna North) and Danjuma La’ah (Kaduna South).

    Reacting to the federal lawmakers’ decision, the state government said nothing can stop it from obtaining the loan for the development of the state.

    The state Commissioner of Finance, Suleiman Abdu Kwari, at a news briefing in Kaduna on Friday said the excuse given on the floor of the Senate as to the size of the state’s loan was baseless.

    Mr. Kwari said with the way the three senators from the state spoke against the loan, it was apparent they had put their personal frustrations above the right of the people of the state

    He said the World Bank was convinced the state has met the conditions before given its approval for the loan.

    “Having checked our laws, our accounts and our performance, the World Bank was convinced that Kaduna State merits their support. Therefore, on 20th June 2017, the World Bank announced that it has decided to provide a budget support facility of $350m to Kaduna State.

    “Our Commissioners have appeared before the relevant committees of the Senate and the House of Representatives, and presented detailed explanations for the rationale and the purposes of the loan.

    “Our delegates were commended for the quality of their presentations. Nobody in those committees of the National Assembly can honestly claim not to be aware of the justification and the purpose of the loan.

    “In fact, the House of Representatives endorsed the loan. When our officials appeared before the Senate, no questions were asked,” the commissioner stated.

    “The excuse given on the floor of the Senate as to the size of the loan is baseless. The creditor and the ratings agency have adjudged that Kaduna State can sustainably manage the credit which has a 10-year moratorium and a 40-year repayment period.

    “The State average monthly FAAC allocation for the preceding 12 months is N3.295bn, while our current monthly debt service is N467.12million.

    “Also, the monthly debt service forecast of the FGN Budget Support Facility of N14.169bn with a moratorium of 18 months and World Bank Loan of $350mn with a moratorium of 10 years are N191.767 mn and N98.843mn respectively.

    “If the State is to repay all loans today, the total debt service would be N757.735mn representing 23% of total deductions as a percentage of total allocations.

    “This is less than the threshold for sub-national borrowing, which is capped at 40%. In view of this, Kaduna State is within the sustainable debt level.

    “What the Senate displayed was elevating the ego of some of its members above the demands of public policy.

    “As the three senators from Kaduna State spoke, it was apparent that they have put their personal frustrations above the right of the people of Kaduna State to decent investment in human capital development through good schools and hospitals, and better quality of life and accelerated economic growth through the provision of infrastructure.”

    Asked the next step the state government would take after the Senate rejected the loan, Mr. Kwari said: “There is still hope of getting the loan from the World Bank. This was because there are processes to be concluded at the National Assembly over the loan, including voting for or against by each lawmaker before final rejection or acceptance of the loan.

    “No amount of blackmail, no amount of intimidation, no amount of misrepresentation, there is no going back for us as long as moving the State forward is concerned.

    “We know the processes of the World Bank we passed through, it was like passing through the eyes of the needle to get the approval for the loan. So World Bank processes are not like any other institutions.

    “If we can pass through World Bank processes to get to this stage, then there is still hope to get the loan for the development of the State.

    “The National Assembly which I know very well, committees will be set up to look at the loan issue, and at the end of the day, the decision will be subjected to voting either for or against. In this case, no Senator or House Reps member has more than one vote.”

    On the fear expressed by the senators that the loan if approved may be diverted, the commissioner said: “There is no way you collect World Bank loan and divert it to another project because one of the conditions of the bank is that the loan must be used for the sole purpose it was collected.

    “I think the rate at which the state is moving in terms of development, some people will be made politically irrelevant because there is a new dawn in Kaduna where the traditional way of compromising development in the state is dead and buried.

    “The loan, if obtained, will be used to build community roads, primary schools, secondary schools, health centres, and the economy of such (benefitting) communities will improve as other social activities will take place there.”

     

  • ‎Senate rejects El-Rufai’s $350m World Bank loan request

    The Senate on Thursday rejected a request for a $350 million loan from the World Bank by the Kaduna State Government.

    The rejection followed a presentation of the committee’s report by the Chairman, Shehu Sani (APC, Kaduna Central).

    Last year, the Kaduna State Government requested the loan for ‘Development Policy Operation’ from the World Bank.

    Governor Nasir El-Rufai said the state needed a $350 million loan from the World Bank to achieve its governance objectives in the “short to medium term”.

    He also said the Bank agreed to provide the facility after “checking the laws, accounts and performance of the state”.

    The Sani-led committee, however, suspended the state’s request for foreign loans, adding that no loan request will get approval until the lawmakers were convinced about it.

    Sani, who has been having a running political battle with Governor El-Rufai, however, explained that due process must be followed before any loan is approved, and that he has the duty to ensure the state does not inherit a debt it could not repay.

    Reading out the findings, observations as well as recommendations of the committee, Mr. Sani explained that one of the reasons for the rejection is because “Kaduna State is the second most indebted state in Nigeria”.

    Sani also said the panel met with relevant officials before arriving at the decision.

    “Based on the submissions and interactions with the invited Government officials, the Committee observed as follows:

    “1. That the Development Policy Operation, DPO (Budget Support) of USD 350 million for Kaduna State was approved by World Bank in 2016 and captured in 2016 – 2018 borrowing plan as approved by the National Assembly.

    “2. That the credit facility has an attractive low financing data of 1.25% interest; moratorium of 5 years and a 25 year maturity tenor.

    “3. That the facility is already captured in the 2016-2018 Medium Term Expenditure Framework (MTEF).

    1. That according to the latest Debt Management Office figures, Kaduna State has a total debt stock of USD232.1 million.

    “5. That approving the current loan request of USD350 million for Kaduna State will bring its total debt stock to USD582.1 million.

    “6. That if this loan request is approved, the new total debt stock of USD582.1 million for Kaduna State will be unsustainable and necessarily attract huge financial burden on the meagre federal allocation to the State.

    “7. With the new borrowing, the Debt Service to Revenue Ratio of Kaduna State will further be increased and thus impact negatively on the ability of the State to meet other basic needs of its people.”

    He further explained that the new debt stock will likely, further erode the economic viability of the State and recommended “that the Senate do reject the request of USD350 million for Kaduna State as contained in the 2015 2018 External Borrowing (Rolling) Plan of Mr President, Commander-in-Chief of the Armed Forces.”

    “With the high total debt stock of Kaduna State at the moment, the new borrowing sought, will make the debt service to revenue ratio high, thereby worsening the State Government’s ability to meet its other basic obligations to the people and further erode the economic viability of the State,” he added.

    Suleiman Hunkuyi (APC, Kaduna North), while supporting the recommendation, said he is “amazed, perplexed and in shock” to find that what the governor has gone ahead to indicate to the general public “is completely different from what was found on the application of the facilities as indicated in the detailed drawdown table”.

    “As a representative of my people, I’ll like to say that the application of that loan is a misplaced priority. I strongly stand behind the prayers of the chairman of the committee that this very important chamber do reject that request for the loan,” he said.

    Also supporting the recommendation, Danjuma La’ar (PDP, Kaduna South), explained that the loan is “not important” and as a messenger of the people, he was not given the authority for a loan to be approved.

    “I met with the representatives of Kaduna state and asked what the loan was all about? What projects is this loan meant for? I should know from zone one, two and three who are the contractors responsible for the project? Where will the projects be sited? But these questions were not answered.

    “I realised that the money received in Kaduna state is much and there is nothing happening in Kaduna state lately. They are busy retiring and sacking people and you are asking for a loan. To do what with the loan? I don’t understand. If you are collecting a loan without giving a reason, I am not in support of such loan, my people are also not in support of it. Please, this loan should not be granted,” he said.

    The Deputy Senate President, Ike Ekweremadu, while stating that loan application is an acceptable means of infrastructure financing in governance, however said “the law in its wisdom has made provision for the parliament to interrogate such requests to be sure that there is no need for that loan and ensure that due process is followed.”

    “Also, to ensure that existing loan portfolio for the state or federal government would be able to accommodate such further request so as not to put so much pressure on that state or the federal government.”

    Ekweremadu, thereafter, put the question and the senators unanimously rejected the loan request.

  • World Bank, EU train personnel from 52 MDAs in Delta

    World Bank, EU train personnel from 52 MDAs in Delta

    The World Bank and EU in collaboration with Delta government on Tuesday started training of over 100 workers of state on financial reforms.

    Mr Benson Okojo the Project Coordinator of the World Bank, EU sponsored State Employment and Expenditure for Results (SEEFOR) project said the training was to build the workers’ capacity on adequate budget preparation.

    “We were able to identify 52 MDAs under our International Public Sector Accounting Standard (IPSAS) platform,” he said.

    Ojoko said the exercise would enable them to understand the reforms that were being implemented under the SEEFOR project intervention.

    According to him, one of such reforms is under our Component B which is budget reform.

    “A lot of changes are being introduced. We are changing from the old ways of preparing budget according to the heads, sub-heads of each sectorial budget to the new coding structure that has been informed by the adoption of IPSAS.

    “It was approved by the Federal Executive Council in 2010 and in 2011, there was a Federal Allocation Accounting Committee (FAAC) that now designed a new national chart among the three tiers of government,” he said.

    Ojoko said that Delta was among the first five states that had adopted the new national chart of accounting.

    “Having adopted the chart, Delta has been working by organising workshops and trainings for relevant stakeholders.

    “This includes budget officers, accountants as well as staff of the Ministry of Economic Planning for the implementation of the programme in the state.

    “This has made it possible for the state to prepare the 2018 budget which is already online and the World Bank had applauded the state for this effort.’’

    Ojoko said that in spite of the progress recorded by the state in the area of budget preparation, there were still lapses that needed to be corrected.

    The workers were drawn from 52 Ministries, Departments and Agencies (MDAs) in the state.

     

  • OAU opens ICT knowledge-driven Park

    The Nigerian Computer Association says a knowledge-driven park with a Centre of Excellence in ICT situated in the Obafemi Awolowo University (OAU) to train software engineers will be ready in May.

    Prof. Adesola Aderounmu, the President of the Nigerian Computer Association made this known on Wednesday at an Academia-Industry Engagement/Interface seminar in Lagos.

    The World Bank, the sponsor of the park known as Oak-Park, has donated eight million dollars toward its development since 2014 when it started.

    The park is aimed at creating a regionally recognised and knowledge-driven high quality post graduate education, and will ensure the uptake and commercialisation of research and technology to advance the growth of ICT industry.

    Aderounmu, who is the Director of the project, said the inside the park would be a Centre of Excellence in ICT, which would serve as a training hub in software engineering for Nigeria and other countries in the sub-region.

    “It will develop the next generation of scientists, researches, teachers, entrepreneurs and product developers in the area of ICT by enrolling new post graduate students from Nigeria and West African countries.’’

    He said the Oak-Park would provide the launch pad for start-up companies produced from the university and would enable partnering with ICT companies.

    “The Oak-Park will stimulate creativity and excellence in research and innovation in ICT applicable to other fields and related to regional developmental objectives.

    “It will expand learning opportunities for postgraduate students in all the sectors by deploying existing and new development in ICT for which OAU is leading in the sub region.

    “The park will leverage on the intellectual infrastructure and output of the university to serve as the launch pad for start-up ICT companies borne out of university’s research activities by partnering companies.’’

    He said some of the existing facilities that would make up the park were data centre servicing 400 computer nodes, cyber security research laboratory, post graduate research ICT laboratories among others.

    Aderounmu said that for the project to thrive, the university would have to collaborate with ICT companies.

    “The university cannot do it alone without the help of ICT companies, and that is why we are here today to show you what the park is about and how you can be part of the business,’’ he said.

    He said the park would also provide employment opportunities for postgraduate students,“ he said.

    Aderounmu expressed the hope that the project would be completed in May.

     

  • Tech development: World Bank approves additional $3 million for Nigeria

    The Federal Government on Monday said the World Bank has approved additional financing of $3 million to stimulate global competitiveness of raw materials for a diversified economy in Nigeria.

    Vice President Yemi Osinbajo stated this at the opening ceremony of the 2018 Technology and Innovation Expo in Abuja.

    The World Bank had in the first tranche supported a batch of innovations with about $3 million.

    According to him, “the Federal Government plans to strengthen the technology and innovation ecosystem by supporting the development of new innovation hubs in partnership with the private sectors, and this is well on course.

    “We have recently concluded a competitive selection process of private sector entities that will implement and manage the hubs. Each of these hubs will focus solely on the market challenges peculiar to the region of the country in which each is located.”

    Osinbajo urged all Ministries, Departments and Agencies (MDAs) to align and ensure that the lofty intent of the recently signed presidential Executive Order for supplying and execution of projects and programmes, especially in the area of science, engineering and technology, are met.

    “Science and technology are key instrument of the realisation of the objectives of our National Economic and Growth Plan (NERG) 2017-2020.

    “Our goal of moving the Nigerian economy away from a resource-based to a knowledge-based model is one that we must take seriously and the ERGP is a step in that direction.

    “Innovation will create jobs, it will attract investment, it will boost export, it will grow our economy. These are part of the positive impacts that it will have on our image and perception around the world,” Osinbajo said.

    On his part, Minister of Science and Technology, Ogbonnaya Onu, revealed that patents for research findings, which were processed through the National Office for Technology Acquisition and Promotion (NOTAP), increased from 16 in 2016 to 50 by the end of 2017.

    “This is a clear evidence of a remarkable improvement in the level of innovation in Nigeria. It shows that it has become an important instrument to drive the role of research in the commercialization of goods and services for the happiness of our people,” Onu said.

    He implored the private sector and stakeholders to unite to further science and technology in the country.

    “I am confident that with all hands on deck, we can build a stronger family that will be united in the common pursuit of deepening the depth and broadening the reach of Science, Technology and Innovation in our economic diversification process, especially in a fast changing world,” he said.

     

  • Adeosun talks tough; tells World Bank, IMF, others to label tax evasion by Multinationals as foreign corrupt practices

    The Minister of Finance, Mrs. Kemi Adeosun, has called for the designation of tax malpractices by Multinational Corporations in Nigeria and other developing countries as ‘foreign corrupt practices’.

    She made the call at the Platform for Collaboration on Tax (PCT) Conference in New York, which rounded up over the weekend. The PCT is an initiative of the Organisation for Economic Cooperation and Development (OECD), World Bank Group, International Monetary Fund (IMF) and United Nations.

    The Minister explained that Nigeria was doubly affected by illicit financial flows as a result of corruption and tax evasion.

    She requested global organisations such as the OECD, World Bank, IMF and United Nations to see the tax avoidance actions of multinational companies as corrupt practices.

    “There is absolute need for a complete understanding of how these Multinational Corporations (MNCs) behave in Nigeria and developing countries, many operate a completely different standard in Africa to what obtains globally,” Adeosun said.

    She lamented the capability of defaulting MNCs to hide behind slow legislative processes to avoid doing what was right in the nations from which they derived significant income.

    The Minister, who disclosed that options to sue such companies in their own countries were being explored, said that the designation of tax crime as foreign corrupt practices would support such efforts.

    On the wider issue of Illicit Financial Flows, she emphasised that Nigeria, under President Muhammadu Buhari, was ‘taking strong action and was determined to reverse their impact’.

    The Government, according to Adeosun, is taking a number of measures internally and also taking full advantage of international initiatives to tackle the problem.

    She added, “Internal measures include tightening financial controls and surveillance, adoption of the National Tax Policy with its commitment to regular revisions of tax laws and the ongoing tax amnesty programme, the Voluntary Assets and Income Declaration Scheme (VAIDS).”

    The Minister stated further that the Nigerian Government would use every available avenue to improve its revenue generation and tax collection and credited the United Nations with putting the issue of Illicit Financial Flows at the forefront of the fight against IFF.

    She noted that that it was ‘entirely appropriate that we are discussing this issue in the United Nations Headquarters, as this is a United Nations sized problem’.

    She referred to the Thabo Mbeki report that found that IFFs from Africa exceeded the volume of foreign aid into Africa, adding that Nigeria was found to be the most adversely affected.

    “The Nigerian Government is taking responsibility for preventing illicit flows but the range of measures used and the sheer volumes are such that the recipient nations must also take measures to discourage the flows into their countries by asking more questions,” Adeosun remarked.

    She lauded the recent initiative by the United Kingdom Government with Unexplained Wealth Orders (UWOs) and requested that more countries adopt such measures.

    She added that Nigeria was studying the options for introducing similar measures in the country.

  • Nigeria gets $486m World bank loan to improve electricity transmission

    Nigeria gets $486m World bank loan to improve electricity transmission

    The World Bank on Friday approved an International Development Association (IDA) Credit of 486 million dollars for the rehabilitation and upgrading of electricity transmission substations and lines.

    Ms Olufunke Olofon, Senior Communications Officer, World Bank, Nigeria, in a statement said that the investments would increase the power transfer capacity of the transmission network.

    The World Bank’s International Development Association (IDA), helps the world’s poorest countries by providing grant, low to zero-interest loans for projects that boost economic growth and reduce poverty.

    The World Bank Country Director for Nigeria, Mr Rachid Benmessaoud, said the Nigeria Electricity Transmission Project (NETP) would help address key bottlenecks in the transmission network.

    “It will also improve access to affordable and reliable electricity service to citizens. The credit will also enable distribution companies supply consumers with additional power.

    “Together with other investments and policy measures, the project will contribute to ensuring adequate and reliable electricity supply that is necessary for Nigeria’s continued economic development,” he said.

    The Minister for Power, Works and Housing, Mr Babatunde Fashola, reiterated the government’s commitment to improving power supply in the country.

    “The Federal Government is committed to addressing the challenges in the public-owned transmission network.

    “The financing being provided by the World Bank under the Nigeria Electricity Transmission Project power sector underlines this commitment.
    “The Federal Government anticipates that private sector financing in the privately-owned segments of the value-chain will complement the government’s efforts in bringing better quality service to citizens,” he said.

    It is a comprehensive package of policy, legal, regulatory, operational and financial interventions that will restore the financial viability of the power sector.The NETP is part of the Power Sector Recovery Programme (PSRP) by the Federal Government.

    The measures that will be implemented through 2021 are aimed at improving transparency and service delivery and re-establishing investor confidence in the sector.