…insists Nigeria has no debt problem
Nigeria’s Finance and National Planning Minister, Mrs Zainab Ahmed has disclosed that the $3 billion loan being sought by the Federal Government from the World Bank would be used to effect reforms in the country’s power sector.
Ahmed who made the disclosure while speaking with journalists on the sidelines of the World Bank/International Monetary Fund meetings holding in Washington DC, United States, noted that the loan would be used for the development of transmission and distribution networks to enhance the delivery of electricity.
“There is a proposed $2.5 billion to $3 billion facility for the power sector development programme in Nigeria and this will include development of the transmission networks and the distribution networks as well as removing the challenges that we currently have now in the electricity sector,” she said.
“We are going to have a full meeting to discuss the power sector recovery programme and 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 and to tell them the plan we have and how much we need from one to five years.”
The Minister who is leading the Federal Government’s delegation to the meeting, noted further that the government would be pushing for the disbursement of the $3 billion facility in two tranches of $1.5 billion each.
She maintained however, that Nigeria does not have a debt problem despite the country’s debt currently standing at at N25.7 trillion.