Nigeria To Borrow $9 Billion For Infrastructure Projects

26/04/2013 10:04

The Federal Government of Nigeria is set to borrow a whopping $9 billion from various multinational organizations for infrastructure development, agriculture and employment generation across the country between 2012-2014.
Vice President, Namadi Sambo

Briefing state house correspondents on Thursday after a meeting at the National Economic Council (NEC) chaired by Vice President Namadi Sambo and attended by many state governors and ministers, the Anambra state governor, Peter Obi said that NEC also set up a committee to address infrastructure problems in Nigerian universities and ensure integrity in the appointment of members of governing councils in such universities.
Other issues discussed at the meeting were re-investment plan in the power sector and disposal of 78,000 laptops used for 2011 elections by the Independent National Electoral Commission (INEC). The credit facility has up to 10 years moratorium and 40 years repayment period.Minister of National Planning, Dr Shamsudeen Usman said the Coordinating Minister of the Economy (CME) and the Minister of Finance, Dr Ngozi Okonjo-Iweala," briefed the Council on the current facilities made available by different funding organisations.
He listed the organisations to include the Islamic Development Bank, Islamic Development Association (IDA), African Development Bank, French Development Agency as well as Chinese and Indian Exim Banks, saying the amount totaling about $9 billion dollars are for projects development. "The Council urged the States to endeavour to meet the requirements for the loans and to ensure that the facilities are meant to fund meaningful projects in their states," he said.
Also present at the meeting were Minister of State of Power, Hajiya Zainab Ibrahim Kuchi, Governors Liyel Imoke, Peter Obi and Garba Umar of Cross River and Anambra and Taraba States.
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