PRES. TRUMP AWARDED INAUGURAL FIFA PEACE PRIZE AT WORLD CUP DRAW IN WASHINGTON . (PHOTOS).

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 President Trump awarded inaugural FIFA Peace Prize at World Cup draw in Washington  Gianni Infantino, the FIFA President presented the honour onstage at the Kennedy Center for the Performing Arts on Friday, saying Trump had been selected “in recognition of his exceptional and extraordinary actions to promote peace and unity around the world”. “This is your prize, this is your peace prize,” Infantino said, after Trump took the stage to accept the trophy, a medal and certificate. “There is also a beautiful medal for you that you can wear everywhere you want to go.”   FIFA says the prize is for “individuals who help unite people in peace through unwavering commitment and special actions”.  Accepting the award, Trump called it “one of the great honours of my life”, before claiming to have “saved millions and millions of lives – the Congo is an example, over 10 million people killed and it was heading for another 10 million very quickly. India and Pakistan, so many diffe...
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FG SECURES $500M WORLD BANK LOAN TO FUND DISCOS. (PHOTO).

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 FG secures $500m World Bank loan to fund Discos

 

The federal government has secured a $500  million loan from the World Bank to fund electricity Distribution Companies (DisCos).


According to the Bureau of Public Enterprises,  in a statement in Abuja, yesterday, the loan would fill financing gaps in the distribution segment, considered as the  most problematic in the industry.


“This funding supports the Nigerian Distribution Sector  Recovery Program (DISREP) aimed at improving the financial and technical performance of the DisCos.


“The DISREP 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),” the Bureau said in the statement signed by Amina Othman, Head, Public Communications.  


It added that the $500 million DISREP loan  offered  concessional financing with more favorable terms than commercial bank loans.  


It is expected that DisCos would invest the funds “in critical distribution infrastructure; Improve ATC&C losses; increase power supply reliability; achieve financial sustainability in the power sector; and enhance transparency and accountability. Significant progress has been made in the preparation of the DISREP Programme”, BPE explained.


According to the privatisation agency, key areas of improvement include: 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; and programme components.


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, reduce Aggregate Technical, Collection, and Commercial (ATC&C)  losses; improve remittances and liquidity for the DisCos; enhance the reliability of power supply; as well as increase transparency and accountability within the DisCos.

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