The Federal Government has approved a $1bn bond for the Nigerian Bulk Electricity Trader to purchase electricity from the power generating companies.
Our correspondent gathered from top officers of the Ministry of Power in Abuja that the sum was approved on Wednesday by the Federal Executive Council.
According to sources, who pleaded not to be named because they were not authorised to speak on the subject, the fund will be used to help improve infrastructure in the sector, as well as give the power sector reform a huge boost.
“It was approved yesterday (Wednesday) at the Federal Executive Council meeting and it is for the bulk trader. It is a $1bn bond and it is for the NBET,” one of the sources told our correspondent in Abuja on Thursday.
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