The Federal Government of Nigeria has been called on to judiciously utilise the $486m fund approved by the World Bank.
This call was made by an economist and the Group Managing Director of TL First Group, Dr. Olu Olasode.
According to him, the credit which was granted to rehabilitate and upgrade the Nigerian electricity transmission substations and lines, is a welcome investment to help alleviate the current issues militating against the power sector in Nigeria.
Olasode, who is also a chartered accountant, said, “Unlike many professional colleagues who are weary of debts, I have no problems with increasing your liabilities if the resulting growth in income, capital, assets or national wealth far outweighs the debt. In essence, it should be about spending to save through better infrastructure in electricity transmission that ultimately powers economic growth.”
Olasode said effective utilisation of the funds could benefit small-scale business owners and contribute to adequate and reliable electricity supply necessary for Nigeria’s continued economic development.
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