The federal government of Nigeria and the World Bank have reached a mutual agreement to cancel a $717.7 million undisbursed loan intended to address the ongoing crisis in the nation's power sector. This decision highlights the persistent challenges faced by the sector, despite significant investments from previous administrations. According to the World Bank, the cancellation is attributed to changing sector dynamics and the failure to meet essential reform milestones. The termination of this loan effectively halts the Power Sector Recovery Performance-Based Operation, marking a significant setback in efforts to improve electricity supply for Nigerians and industries alike.
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