The Federal Executive Council (FEC) has approved another $1 billion Chinese loan, Igbere TV can report.
The approval came at the FEC meeting held on Wednesday, May 15 in Abuja.
Igbere TV gathered that the loan will be sourced from the China-Exim Bank for the Gurara II Hydropower project.
The power project is planned to generate 360 megawatts of electricity.
The Minister of Water Resources, Sulieman Adamu, confirmed the approval of the loan by FEC.
President Muhammadu Buhari presided over the FEC meeting at the Presidential Villa.
