The Federal Government has secured a $750 million loan from the World Bank to provide subsidy to developers and operators of solar mini-grids in the country.


The Minister of Finance, Wale Edun, and World Bank’s Country Director for Nigeria, Shubham Chaudhuri, signed the loan agreement on March 31 and February 19 respectively.

The loan, according to a document made available to journalists on Thursday, is aimed at augmenting the supply of electricity to both households and micro, small, and medium-sized enterprises (MSMEs) through a surge in private sector-led distributed renewable energy initiatives.

It read: “The loan will be partly used to provide support to the development and operation of privately owned and operated solar hybrid mini grids in unserved and underserved areas through: 1.1. Minimum Subsidy Tender Carrying out of Minimum Subsidy Tender processes and provision of Minimum Capital Cost Subsidies to selected developers/operators of (a) Isolated mini- grids; (b) Interconnected mini-grids; or (c) Solar rooftop solutions in Participating States.”

Aside from providing the subsidy, the federal government plans to also provide performance-based grants.

“There will be a provision of Performance-Based Grants to eligible mini-grid operators based on new customer connections for isolated mini-grids and percentage of capital expenditures for interconnected mini-grid projects.

“The grant will also cover Standalone Solar (SAS) Systems for Households, MSMEs, and Agribusinesses. This grant will provide “Support to the expansion of SAS systems for households, MSMEs, and agribusinesses in rural areas through: 2.1. Performance Based Grants for Standalone Solar Provision of Performance Based Grants (“PBGs”) to eligible companies to rapidly deploy SAS solutions in rural and underserved areas, through supply and demand side support and based on independently verified outputs, and to support deployment of solar productive use of electricity (PUE) equipment to MSMEs, agribusinesses and commercial customers.”

SOURCE:https://brandspurng.com/2024/04/12/fg-to-provide-solar-subsidy-in-nigeria-through-750-million-world-bank-loan/

Another opportunity to loot.

Helinues come and defend this borrowing... remember I have the screenshot of the other thread.

Start now

Good

We need Solar in Nigeria.

Let's have manufacturing plants that makes the panels and everything here!

Good one but until the project is started and completed then we will celebrate


but for now

this one na Akukor mama Ngozi na ndi yard

Nice one.

idiot of a government, the very fuel subsidy that benefited the poor masses, they removed and messed the economy up.
not as if they want to fix power generation

Nice.

Another scamming format. These western powers are part of the corruption in Nigeria

They better put the money in the always collapsing grid

Oh my!

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This one concerns me!


Kudos to FG on this!

Another scam loading...
After dem pay for two months,dey go ssy government can not afford to pay subsidy again ..just reduce the cost of electricity in Nigeria for us,that's all we want

If they can work this then this is very good.

“The loan will be partly used to provide support to the development and operation of privately owned and operated solar hybrid mini grids "

Privately owned? .
Another looted loan

Okay

We are patiently waiting till then

Have we gotten to the point where we can no longer finance any federal project without loans and borrowings?

So if China, World Bank, IMF and other lending nations and financial institutions refuse to lend us money, we would not finance our yearly budget?

Imagine the risk this dependence poses to our national security, food sufficiency et al.

Tufiakwa.

BrandSpurNG:


SOURCE:https://brandspurng.com/2024/04/12/fg-to-provide-solar-subsidy-in-nigeria-through-750-million-world-bank-loan/

Lol... this people have run out of reasons to borrow money... now they're manufacturing reasons to borrow money for looting!!!

Namaster:
Another opportunity to loot.

When a heart is filled with evil, that heart only thinks evil. You will see it happen but will never be a partaker of the benefits.

Need this until nigeria is able to provide uninterrupted power supply.

Nice.

.

if you wan cash out jus enter solar mataz u go blow...

Perfect, Tinubulation at work.


This is a welcomed idea.

So pe otilor.

Nigerians have been getting themselves Solar these years without loan. Why now?

They can borrow whatever they want to borrow without insulting us further.

Loan taken. At what cost to the Nigerian people?