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FG secures $500m World Bank loan for DisCos
FG secures $500m World Bank loan for DisCos
The federal government has secured $500million loan from the World Bank to improve electricity Distribution Companies (DisCo) performance.
She said, approved on February 4, 2021, by the World Bank Board of Directors, this funding supports the Nigerian Distribution Sector Recovery Program (DISREP) aimed at improving the financial and technical performance of the DisCos.
The Distribution Sector Recovery Program (DISREP), said the Head of Public Communications, is designed to enhance the financial and technical operations of the DisCos through capital investment and the financing of key components of their Performance Improvement Plans (PIPs), which have been approved by the Nigerian Electricity Regulatory Commission (NERC).
• Bulk procurement of customer/retail meters and meter data management systems.
• Implementation of a Data Aggregation Platform (DAP).
• Strengthening governance and transparency within the DisCos.
• Program Components
• The DISREP comprises two main components:
• Program for Results (PforR):
• Allocation: $345 million
• Purpose: Support the implementation of selected PIP components.
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• Implementation: Bureau of Public Enterprises (BPE)
• Investment Project Financing (IPF):
• Allocation: $155 million
The Purpose is to finance the procurement of meters, a Data Aggregation Platform, and Technical Assistance.
The statement added that the DISREP loan, particularly the Investment Project Financing (IPF) component, is expected to significantly benefit the Nigerian Electricity Supply Industry (NESI) by: Closing the metering gap
• Reducing Aggregate Technical, Collection, and Commercial (ATC&C) losses
• Improving remittances and liquidity for the DisCos
• Enhancing the reliability of power supply
• Increasing transparency and accountability within the DisCos.
BPE further noted that the $500 million DISREP loan from the World Bank offers concessional financing with more favourable terms than commercial bank loans.
This, she said, will enable the DisCos to: Invest in critical distribution infrastructure, improve ATC&C losses, and increase power supply reliability.
It will also achieve financial sustainability in the power sector, and enhance transparency and accountability.
BPE said: “Significant progress has been made in the preparation of the DISREP Program, with several key milestones achieved, and approval by the Federal Executive Council (FEC) on August 3, 2022. execution of the Financing Agreement by the Federal Ministry of Finance, Budget and National Planning, and the World Bank, adoption of the Program Operations Manual (POM) by BPE and TCN, obtaining Legal Opinion from the Attorney-General of the Federation, Execution of the
Subsidiary Loan Agreement, effective declaration of the DISREP Program on
January 31, 2023, inauguration of the DISREP Technical Committee on May 6,
2024, inclusion in the Federal Government Borrowing Plan, approved by the Senate Committee on May 16, 2024.”
The spokesperson said to ensure repayment assurance, the BPE sought and obtained approval from the Nigerian Electricity Regulatory Commission (NERC) and the National Council on Privatisation (NCP) for a structured repayment hierarchy.
It added that this structure prioritizes payments as follows: Statutory Payments (Taxes); repayment of CBN market loans; Market obligations, repayment of DISREP loan; and DisCos’ net revenue.
BPE said this structured repayment plan aims to mitigate risks associated with repayment uncertainty and defaults, with regulatory sanctions imposed for any defaults.
FG secures $500m World Bank loan for DisCos
News
Katsina gov queries district heads who shunned Sallah celebration
Katsina gov queries district heads who shunned Sallah celebration
Governor Dikko Radda of Katsina State has demanded an explanation from the Katsina Emirate Council for the non participation of some District Heads in the 2024 Eid-el Kabir Sallah celebration.
This is contained in the letter to the emirate council, which was signed by the Director, Administration and Supply, Office of the Secretary to the State Government, Sani Rabiu, dated June 27, 2024.
The letter, which was addressed to the Secretary, Katsina Emirate Council, was received on Friday.
It was titled: ‘Re: Sanarwar Hawan Sallah Babba” (Re: Information on Eid-el Kabir celebration)’.
The letter read: “I am directed to refer to your letter on the above underlined subject matter dated June 7, 2024.
“And convey the directive of His Excellency, the governor, for you to provide reasons for non participation of some District Heads in the 2024 Eid-el Kabir Hawan Sallah celebration.
“Grateful for your prompt response as always, please.”
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The Governor’s Director-General on Media, Mr. Maiwada Danmallam said the matter was purely an administrative issue with no underlying motives as being misrepresented and discussed out of context in the social media.
He said, “Comments alluding to any conflict between the government and the Katsina emirate are built on baseless assumptions and conclusions.
”They are clearly intended to distract the government with trivialities given the absence of more cogent reasons to interrogate governance in the state.”
Danmallam said that the state government has the supervising authority over the two Emirates of Daura and Katsina.
“In line with this authority, it’s expected that the government will seek clarifications when and if necessary to ensure full compliance with government’s policies and directives.
“Not necessarily in a conflict situation but to ensure optimum accountability and efficiency as generally required of other MDAs by His Excellency, Governor Radda.
“Assuredly, the Katsina State Government is enjoying a cordial relationship with the two Emirates of Katsina and Daura.
“Any idea of conflict between the state government and any of the two emirates is a figment of the imagination of some conflict entrepreneurs,” the director-general explained.
Katsina gov queries district heads who shunned Sallah celebration
News
Executive Order: NAFDAC praises Tinubu for advancing drug and health security
Executive Order: NAFDAC praises Tinubu for advancing drug and health security
The National Agency for Food and Drug Administration and Control (NAFDAC) has lauded President Bola Ahmed Tinubu for signing an executive order to strengthen drug and health security in Nigeria.
In a statement on Saturday, NAFDAC Director-General Prof. Moji Adeyeye highlighted that the executive order is designed to transform Nigeria’s health sector. The order focuses on increasing local production of healthcare products, reducing healthcare equipment and consumables costs, and promoting local investments.
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Prof. Adeyeye emphasized that this move paves the way for a sustainable and high-quality healthcare system for all Nigerians. She noted that the executive order demonstrates the administration’s dedication to transforming the health sector and aligns with the Nigeria Health Sector Renewal Investment Initiative (NHSRII) and the Presidential Initiative on Healthcare Value Chain (PVAC), which was approved in October 2023.
Prof. Adeyeye also mentioned that NAFDAC has been implementing measures to enhance the local manufacturing of drugs and other health commodities over the past six years. She stated that the Tinubu administration has created an environment where local manufacturers can excel and compete effectively.
Executive Order: NAFDAC praises Tinubu for advancing drug and health security
News
Food Security: Saudi Arabia plans farm equipment manufacturing plants in Nigeria
Food Security: Saudi Arabia plans farm equipment manufacturing plants in Nigeria
Senator Abubakar Kyari, the Minister of Agriculture, announced that Saudi Arabia has shown interest in establishing manufacturing plants in Nigeria for farming equipment.
Kyari disclosed this in a statement on his Twitter account on Saturday following a meeting with stakeholders from the Middle Eastern state. He highlighted that the objective is to enhance Nigeria’s agricultural sector through mechanization by locating these plants within the country.
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Additionally, Kyari mentioned that Saudi Arabia has committed to purchasing 200,000 metric tons of red meat annually from Nigeria and one million tons of soya. He emphasized that this initiative will bolster the agricultural sector and the nation’s production capacity.
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