The Federal government has disclosed that it is working with the World Bank to access a loan facility of $500 million to reset the distribution side (DisCos) of the power sector.
Speaking to journalists in Abuja, the Director General (DG) of Bureau of Public Enterprises (BPE), Mr Ayodeji Ariyo Gbeleyi, revealed that the transaction has two components.
There is the investment project financing (IPF), and then there is a second component called programme for results, he said.
“Under the IPF investment project financing, there will be a total of 3.2 million meters to be distributed to customers across the country. About 330 of those meters have been shipped. One hundred and sixty thousand, three hundred meters have been delivered, and 160 700 are currently nearing completion.
“Additional shipments are expected before the end of the year. So, under the Phase One of what we refer to as the international competitive bidding, we have received 330 additional consignment to come in between now and middle of next year. There is the national competitive bill which is also the local content component of this programme to deliver 217,000 meters from local manufacturing. We expect that the project will also be ready. There is a second phase of the international competitive bidding that expects about 1.5 million meters to be procured from equipment manufacturers.
“Where we stand today, over the next few weeks, we will be launching that international competitive input process” he said.
Gbeleyi also said that the second component is the programme for results, where it is expected that the bureau would disburse, by way of shareholder loan to the 11 distribution companies (DisCos) a total sum of $50 million.
This, he said, will enable the DisCos implement management information system.On pension, BPE said that pension asset as at the end of June, 2025 had hit N25 trillion.
According to him, contributors have enough assets to rely on.