Power sector reforms: FG plans to invest $50m funding for state solar plant, among others

In its renewed determination to drive economic growth and development in the country, the Federal Government, on Monday revealed plans to invest $50million funding for state solar plant pilots and infrastructure upgrades.

Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga, in a statement added that the  government also wis planning to roll out 3.5 million meters to enhance power distribution and put measures in place to support tariff frameworks, market reforms, and co-financing the Transmission Company of Nigeria’s Performance Improvement Plan

The plans was reached when the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, chaired a meeting with World Bank delegates, led by Dr. Ndiamé Diop, Country Director for Nigeria, and Ms. Olu Verheijen, Special Adviser to the President on Energy, in his office in Abuja.

He reaffirmed President Bola Tinubu administration’s commitment to repositioning the economy for the future of Nigeria

He stated that the meeting was held  to discuss innovative ways to drive Nigeria’s power sector forward

Edun informed  that the meeting focused on World Bank-supported initiatives, including the Power Sector Recovery Operation (PSRO) and the Distribution Sector Recovery Program (DISREP), aimed at improving power distribution and management systems in order to ensure economic growth and development in the nation

This collaboration aims at strengthening Nigeria’s power sector, enhancing energy access,  promoting economic growth and development, improving job creation as well as poverty alleviation in line with the Renewed Hope Agenda of the present administration

The Honourable Minister and World Bank delegates expressed their commitment to working together towards achieving these goals for the benefit of all Nigerians