Nigeria loses $718m World Bank power sector loan as reforms stall, tariff shortfalls hit ₦1.9tn

Nigeria and the World Bank have cancelled $717.7m in undisbursed power sector funding after key electricity reforms stalled, tariff shortfalls surged to N1.9tn, and sector financing challenges worsened.

Nigeria has lost access to about $717.7m in undisbursed World Bank financing after the Federal Government and the global lender agreed to cancel the remaining balance under the country’s Power Sector Recovery Programme.

The cancellation, confirmed in new World Bank restructuring documents, effectively brings an end to the broader $1.52bn electricity sector reform programme earlier than planned.

By Precious Omolu

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