By Editor
Despite the huge loans Nigeria has secured from different lenders from Asia to Europe and America, the country again secured the approval of another $750million loan from the World Bank , which the Federal government said will be used to improve electricity supply in the country.
In a twenty first century Nigeria, it is so sad that about 47 per cent of Nigerians do not have access to grid electricity and those who do have access, face regular power cut. In some places people stay for several months and even years before they see a ray of electricity, yet the power provision companies send bills to such areas.
Nigeria has invested billion of naira in the electricity project with little or nothing to show for it. At some point, the government believed that privatising the sector but that decision appeared to have worsened electricity generation in the country but Nigerians have continued to pay for a facility that they do not enjoy especially given the fact that most households across Nigeria are charged electricity consumption by estimated billing system, which is more of fraud.
In a statement released today Wednesday, June 24, the World Bank said the loan is for the Power Sector Recovery Operation (PSRO) to achieve financial sustainability and enhance accountability in the sector. According to the bank, the PSRO will ensure that 4,500 MWh/hour of electricity is supplied to the distribution grid by 2022. But given the trust deficit that exist among the citizens, Nigerians would rather have the World Bank monitor the project so that what happened to other monies meant for similar projects in Nigeria will not happen to the latest $750million.
Shubham Chaudhuri, World Bank country director for Nigeria, said an improved supply of electricity will lift at least 100 million Nigerians out of poverty. He said, “The lack of reliable power has stifled economic activity and private investment and job creation, which is ultimately what is needed to lift 100 million Nigerians out of poverty.
“The objective of this operation is to help turn around the power sector and set it on a fiscally sustainable path. This is particularly urgent at a time when the government needs all the fiscal resources it can marshal to help protect lives and livelihoods amidst the Coronavirus (COVID-19) pandemic.”
