FG has finalised $1bn credit from W’ Bank for power sector recovery – BPE boss

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The Federal Government has finalised arrangements to commence a special recovery plan in the power sector with a one billion dollars credit line from the World Bank, Director General, Bureau of Public Enterprises, Alex Okoh said on Thursday.

The recovery plan is part of its post privatization agenda to revive the sector following persistent poor performance. “We now generate up to 5,000 to 7,000 megawatts but unfortunately the distribution companies (discos) cant dispense even half because the capacity is not there, they lack facilities,” Okoh said at a press briefing.

He however added that the one billion dollars credit from the World Bank would serve as a counterpart funding to revive the power sector especially the Distribution and Transmission sectors, which have performed below expectations years after privatization.

Source: Business Day

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