ANAMBRA@35: NONYE SOLUDO CELEBRATES STATE’S RESILIENCE, GREATNESS. (PHOTO). #PRESS RELEASE

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 Anambra@35: Nonye Soludo Celebrates State’s Resilience, Greatness By MaryAnn Chukwuma Mrs. Nonye Soludo, wife of the Anambra Governor, has congratulated Ndi Anambra on the 35th anniversary of the creation of the state, describing the milestone as a celebration of resilience, greatness and hope. Mrs Soludo, in a goodwill message issued to commemorate the anniversary, reflected on Anambra’s 35 year journey and the contributions of its people to the state’s growth and development. She described Anambra as a land of promise and possibilities, saying the state had continued to be defined by enterprise, courage, resilience, culture and an unwavering belief in what could be achieved. According to her, the strength of Anambra lies in its communities and the ingenuity of its people, whose determination, creativity and resilience have contributed significantly to the state’s progress. She said the anniversary should also provide an opportunity to renew the collective commitment to building ...
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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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