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The World Bank Group has expressed its willingness to assist the Federal Government’s Power Sector Recovery Programme with $2.6bn.
According to the Federal Ministry of Power, Works and Housing, the financial intervention from the bank for the PSRP would help to fully fund historical and future deficits in the power sector.
The PSRP is a series of policy actions, operational, governance and financial interventions to be implemented by the Federal Government over the next five years.
Its target is to restore the financial viability of Nigeria’s power sector, improve transparency and service delivery, resolve consumer complaints, reduce losses and energy theft and reset the Nigerian Electricity Supply Industry for future growth.
In the PSRP document, the FMPWH explained that the programme was comprised of components/reform actions in four groups of interventions, which include financial, operational/technical, governance and policy interventions.
