The Federal Executive Council (FEC) has approved a loan request of $3.45 billion from the World Bank to finance five cases.
Mr. Minister of Finance and Minister of Economic Coordination.
Wale Edun disclosed this after the FEC meeting held on Monday October 1 in Abuja
He said Congress approved the loan request during a state House meeting and that the federal government would receive $3.5 billion in “interest-free loans.” According to him, the loan must be repaid in 40 years, and the repayment will start in 2033 after a grace period of 10
“Today we submitted five memoranda to the Federal Executive Committee, which graciously approve
“They were dealing with the concessional financing arm, the interest-free financing of the World Bank and the International Development Association, which in most cases is a very concessional financing arm,” he told House of Commons correspondents
“The projects approved for funding were not only in the energy sector, but also in the renewable energy sector. Funding was provided for a resource mobilization program to support the state’s internal revenue.
This was a project for a learning and empowerment initiative for adolescent
Finally, the fifth round of approved funds went to women’s projects
“The five loans totaled $3.45 billion
And as you know, the term is almost 40 years, the grace period is about 10 years, and the interest is ultra-low or 0 for two loans
But charges will be filed,” he added
Speaking at the briefing, Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, said the OEC has approved the establishment of a Trust Fund for Humanitarian Affairs and Poverty Alle
The minister said the fund will help the federal government respond quickly to the humanitarian situation in Nigeria and the government hopes to raise at least $5 billion annually
a.viation…llion..rls.orts..d them.years…s to raise at least $5 billion annually.
