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FG secures $500m World Bank loan to boost DisCos

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The federal government has secured $500million loan from the World Bank to improve electricity Distribution Companies (DisCo) performance.
This was contained in a press statement by the Bureau of Public Enterprises (BPE), Head, Public Communication, Amina Tukur Othman, issued on Thursday, May 30.

She said, approved on February 4, 2021, by the World Bank Board of Directors, this funding supports the Nigerian Distribution Sector Recovery Program (DISREP) aimed at improving the financial and technical performance of the DisCos.

The Distribution Sector Recovery Program (DISREP), said the Head of Public Communications, is designed to enhance the financial and technical operations of the DisCos through capital investment and the financing of key components of their Performance Improvement Plans (PIPs), which have been approved by the Nigerian Electricity Regulatory Commission (NERC).

She said the key areas of improvement include:

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• Bulk procurement of customer/retail meters and meter data management systems.

• Implementation of a Data Aggregation Platform (DAP).

• Strengthening governance and transparency within the DisCos.

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• Program Components

• The DISREP comprises two main components:

• Program for Results (PforR):

• Allocation: $345 million

• Purpose: Support the implementation of selected PIP components.

• Implementation: Bureau of Public Enterprises (BPE)

• Investment Project Financing (IPF):

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• Allocation: $155 million

The Purpose is to finance the procurement of meters, a Data Aggregation Platform, and Technical Assistance.

The statement added that the DISREP loan, particularly the Investment Project Financing (IPF) component, is expected to significantly benefit the Nigerian Electricity Supply Industry (NESI) by: Closing the metering gap

• Reducing Aggregate Technical, Collection, and Commercial (ATC&C) losses

• Improving remittances and liquidity for the DisCos

• Enhancing the reliability of power supply

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• Increasing transparency and accountability within the DisCos.

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BPE further noted that the $500 million DISREP loan from the World Bank offers concessional financing with more favourable terms than commercial bank loans.

This, she said, will enable the DisCos to: Invest in critical distribution infrastructure, improve ATC&C losses, and increase power supply reliability.

It will also achieve financial sustainability in the power sector, and enhance transparency and accountability.

BPE said: “Significant progress has been made in the preparation of the DISREP Program, with several key milestones achieved, and approval by the Federal Executive Council (FEC) on August 3, 2022. execution of the Financing Agreement by the Federal Ministry of Finance, Budget and National Planning, and the World Bank, adoption of the Program Operations Manual (POM) by BPE and TCN, obtaining Legal Opinion from the Attorney-General of the Federation, Execution of the

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Subsidiary Loan Agreement, effective declaration of the DISREP Program on

January 31, 2023, inauguration of the DISREP Technical Committee on May 6,

2024, inclusion in the Federal Government Borrowing Plan, approved by the Senate Committee on May 16, 2024.”

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The spokesperson said to ensure repayment assurance, the BPE sought and obtained approval from the Nigerian Electricity Regulatory Commission (NERC) and the National Council on Privatisation (NCP) for a structured repayment hierarchy.

It added that this structure prioritizes payments as follows: Statutory Payments (Taxes); repayment of CBN market loans; Market obligations, repayment of DISREP loan; and DisCos’ net revenue.

BPE said this structured repayment plan aims to mitigate risks associated with repayment uncertainty and defaults, with regulatory sanctions imposed for any defaults.

Source: The Nation

 

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Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 13th September 2025

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What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for yesterday 11th September, below. You can swap your dollar for Naira at these rates.

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1525 and sell at N1550 yesterday 12th September 2025, according to sources at Bureau De Change (BDC).CLICK LINK TO CONTINUE READING

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Aboki BDC

Yemi Cardoso CBN Governor

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EXPOSED: Truth About Peter Obi’s Son Revealed, Close Friend Speaks

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Amidst swirling rumors surrounding Oseloka Obi, the son of Peter Obi, the Labour Party’s presidential candidate for 2023, a new twist has emerged regarding persistent allegations about his gender identity.

In response to a flurry of speculation, Oseloka has taken a stand against the viral claims connecting him to homosexuality, which were sparked by the circulation of photographs featuring him alongside Kent Okwesa, a British-Nigerian based in London. Click link to continue reading.

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MANCHESTER DERBY: Erling Haaland Vows To Revenge Against United

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“We’ve lost two games in a row, it’s not good enough, it’s way too bad,” he said, speaking to Viaplay in Norway. “We need to figure it out, get back to winning ways.

Pep Guardiola’s side are in the bottom half of the Premier League table heading into the clash having lost back-to-back matches against Tottenham and Brighton before the international break. Click link to continue reading.

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REVELEAD: Why Pastor Kumuyi Is Changing Some Deeper Life Principles

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The General Superintendent of the Deeper Christian Life Ministry, Pastor William Folorunsho Kumuyi, has announced a series of changes to some of the long-standing rules of the church, saying many of them were never scriptural but were introduced for administrative purposes.

Pastor Kumuyi, widely regarded as one of the most influential church leaders in the world, is the founder of Deeper Life Bible Church, which began in 1973 as a small Bible study group in Lagos.

UNTOLD STORY: How I Married My Second Wife When She Was 65 – Kumuyi Reveals

Over the decades, the ministry has grown into a global Christian movement. The Lagos headquarters alone attracts over 120,000 worshippers weekly, placing it among the five largest single congregations worldwide. In Nigeria, the church boasts more than one million members with over 5,000 branches, and a further 3,000 branches spread across Africa, Europe, and North America.

Speaking at the church 2025 Global Family and Marriage Conference, Pastor Kumuyi announced modifications to certain marriage rules that had long been regarded as doctrinal. He clarified that many of these practices were never rooted in the Bible but were merely administrative guidelines designed to provide structure.

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One of the major changes is the cancellation of the restriction that prevented a lady from visiting her suitor before marriage. According to Kumuyi, intending couples may now visit each other during courtship, provided they are accompanied by an elder. The long-held six-month mandatory courtship period has also been scrapped. “We just felt you need some time to know one another. And then we said one month will be too short, two months too short. So, why not six months? But it is not from the Bible,” he said.

He stated the importance of Christians being able to distinguish between God’s commandments and church traditions.“As a Christian, you need to be so mature that you know the difference between the law of God and the principles in the church. Six months is all right, but it’s not something inflexible. If we change it to three months, we’re not changing the Bible, because six months is not in the Bible,”

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Pastor Kumuyi also clarified the role of marriage committees in Deeper Life, noting that their purpose was to provide guidance and not to exercise authority beyond what is written in the scriptures. “There’s no marriage committee in the New Testament. We created it to help you, not because we can give you a chapter and a verse. It is church administration,” he stated.

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These changes are seen by people as another step in the ongoing review of church practices that many members and outsiders have often considered too strict. Since founding the church has faced both admiration and criticism for its distinct doctrines. Some of its earlier beliefs and practices have either been misinterpreted or have since evolved:

Technology Use: The church, which once opposed television and modern gadgets, now embraces media and social platforms for evangelism.read the gospel.

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Marriage Rules: Inter-church marriages are now accepted, provided the partner is from a Bible-believing church with a holy standard of living.

Dress Code: The church still emphasizes modesty, but women no longer have to tie scarves at all times, and men are not strictly bound to suits.

Medical Treatment: While rumors once suggested Deeper Life discouraged hospital visits, today members are encouraged to seek proper medical care when needed.

Christmas Celebrations: Although many members spend Christmas at church camps, the church has clarified that celebrating Christmas is not forbidden.

Other misconceptions, such as supposed food restrictions or claims that Pastor Kumuyi had relocated to the UK, have also been dispelled.

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Through these reforms, Pastor Kumuyi is reinforcing his long-held belief that while order is necessary in the church, it must never be mistaken for scripture.

Source: City People

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Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 12th September 2025

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What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for yesterday 11th September, below. You can swap your dollar for Naira at these rates.

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1530 and sell at N1550 yesterday 11th September 2025, according to sources at Bureau De Change (BDC).CLICK LINK TO CONTINUE READING

READ ALSO  Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 13th September 2025

Aboki BDC

Yemi Cardoso CBN Governor

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2027: Jonathan’s running mate picked as campaign posters hit internet

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The likelihood of former President Goodluck Ebele Jonathan entering the presidential race in 2027 is becoming increasingly apparent, particularly given the recent developments surrounding his potential candidacy.

Reports suggest that Jonathan is discreetly meeting with key political figures across the country, which adds to the anticipation surrounding his possible return to politics. Click link to continue reading.

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