FG cancels $717.7 million World Bank power loan as electricity sector crisis worsens

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The Nigerian government has cancelled a $717.7 million undisbursed World Bank loan aimed at power sector recovery, citing worsening electricity sector crisis including tariff deficits, foreign exchange challenges, and operational inefficiencies. This marks a significant setback for Nigeria's efforts to achieve financial sustainability in its electricity sector.

Nigeria has cancelled $717.7 million in undisbursed funding under the World Bank-backed Power Sector Recovery Performance-Based Operation (PSRO), marking a major setback for efforts to restore financial sustainability in the country’s electricity sector amid rising tariff deficits, foreign exchange pressures, and persistent operational inefficiencies.  The post FG cancels $717.7 million World Bank power loan as electricity sector crisis worsens appeared first on Nairametrics.