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FG To Provide Solar Subsidy In Nigeria Through $750 Million World Bank Loan

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The Federal Government has secured a $750 million loan from the World Bank to provide subsidy to developers and operators of solar mini-grids in the country.

 

The Minister of Finance, Wale Edun, and World Bank’s Country Director for Nigeria, Shubham Chaudhuri, signed the loan agreement on March 31 and February 19 respectively.

 

The loan, according to a document made available to journalists on Thursday, is aimed at augmenting the supply of electricity to both households and micro, small, and medium-sized enterprises (MSMEs) through a surge in private sector-led distributed renewable energy initiatives.

It read: “The loan will be partly used to provide support to the development and operation of privately owned and operated solar hybrid mini grids in unserved and underserved areas through: 1.1. Minimum Subsidy Tender Carrying out of Minimum Subsidy Tender processes and provision of Minimum Capital Cost Subsidies to selected developers/operators of (a) Isolated mini- grids; (b) Interconnected mini-grids; or (c) Solar rooftop solutions in Participating States.”

Aside from providing the subsidy, the federal government plans to also provide performance-based grants.

“There will be a provision of Performance-Based Grants to eligible mini-grid operators based on new customer connections for isolated mini-grids and percentage of capital expenditures for interconnected mini-grid projects.

“The grant will also cover Standalone Solar (SAS) Systems for Households, MSMEs, and Agribusinesses. This grant will provide “Support to the expansion of SAS systems for households, MSMEs, and agribusinesses in rural areas through: 2.1. Performance Based Grants for Standalone Solar Provision of Performance Based Grants (“PBGs”) to eligible companies to rapidly deploy SAS solutions in rural and underserved areas, through supply and demand side support and based on independently verified outputs, and to support deployment of solar productive use of electricity (PUE) equipment to MSMEs, agribusinesses and commercial customers.”

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Breaking news: Minimum Wage: Labour rejects FG’s N54,000 offer

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The organised labour has rejected the Federal Government N54,000 new minimum wage proposal.

 

According to reliable source, the meeting on the ongoing negotiations on new minimum wage has been adjourned till Wednesday after the organised labour.

 

Media report has it that the Federal Government upped its offer from its earlier proposed N48,000 to N54,000.

Tuesday’s meeting came as a result of the walkout staged by members of the organised labour following the proposal of N48,000 as minimum wage by the Federal Government during last week’s meeting.

During that meeting, the OPS had also proposed N54,000 while labour insisted on its N615,000 living wage demand.

Our correspondent who spoke to sources who attended the follow-up meeting on Tuesday learnt that the Federal Government upped its offer from N48,000 to N54,000.

“Well, during the meeting, the government increased its offer from N48,000 to N54,000. However, labour rejected that offer and the meeting has been adjourned till Wednesday,” a source who asked not to be named said.

When asked if the government’s side was showing any sign of seriousness, the labour leader said, “No seriousness at all. Even state governors did not show up. Those who represented them, like Bauchi and Niger states, did not have the mandates to speak on their behalf.

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Junior Pope betrayed me repeatedly – Yul Edochie

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Nollywood actor Yul Edochie has claimed that his late colleague, Junior Pope, betrayed him repeatedly despite his being there for him in his times of need.

 

According to Edochie, it was the reason he shunned the late actor’s burial in Enugu State on Friday.

 

He said he wanted to wait till after Junior Pope’s burial before he reveal how the late actor betrayed him.

He promised the full story of how Junior Pope betrayed him soon.

On his Instagram story, Edochie wrote: “I didn’t want to say anything till after his burial. I know many asked why I wasn’t there. Why I haven’t said anything about it since.

“I took him like a brother & good friend. I was there for him when he needed me. But he stabbed me in the back repeatedly. That’s life!

“I’ll drop the full details soon so others can learn from it.

“Be careful what you wish people, it could come to you.”

Recall that Junior Pope died on April 10, 2024, alongside three others after their boat capsized on the Anam River in Anambra State while returning from a film location.

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