Delays in forming cabinet threaten FG’s $1bn World Bank loan request on power
More casualties in the Nigerian power sector have continued to emerge from the delayed appointment of ministers by President Muhammadu Buhari, since his second term inauguration on May 29, 2019.
First was the inability of the National Council on Privatization (NCP) to be constituted with relevant member ministers so as to conclude the sale of Afam and Yola power schemes.
The most worrisome now is the incommunicado which the absence of relevant ministers to consummate discussions with the World Bank on the access to $1bn loan sought by the Federal Government to facilitate power sector.
Recall that former Minister of Finance, Mrs Zainab Ahmed had during the last World Bank meeting in the United States of America earlier this year, met and discussed with officials of the bank before the dissolution of the federal cabinet.
Sources close to the impending deal confided in Business Hilights weekend that there are fears that the World Bank may pullout from the deal based on Nigeria’s lack of seriousness considering delays in the consummation of the last lap of the deal due to absence of a substantive Ministers of Finance and Power.
Besides, the revelation last week by the Vice President, Prof Yemi Osinbajo that the Federal Government had spent well over N900,000bn in power may further weaken the spirit of the World Bank considering poor results so far in the sector in the last four years.