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FG Seeks Fresh $247.3m External Loan - Politics - Nairaland

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FG Seeks Fresh $247.3m External Loan by Omooba77: 8:09am On Apr 18
The Federal Government will take another fresh external loan of $247.3m for the development of infrastructure, despite the country’s rising debt profile.

The Federal Executive Council made the approval at its sitting in Abuja on Wednesday.

It came just days after the International Monetary Fund raised eyebrows over Nigeria’s current N24.38tn debt, advising the country to take borrowing slowly.

Briefing State House correspondents after the meeting rose, the Minister of Finance, Mrs Zainab Ahmed, gave a breakdown of the fresh loan.

She stated that $150m would come from the African Development Bank, to be spent specifically on rural electrification projects; $50m from Africa Grow Together Fund for other electrification projects; and $20m from French Development Agency, which would be loaned to the  Lagos State Government.

Lagos plans to use the $20m to build new roads and rehabilitate existing ones.

Another $27.3m IADE facility was approved as part of the ‘North Core Dorsal Regional Transmission Project.’

This will be part of the West Africa Power Pool projects with a total loan requirement of $640m.

The minister explained that the projects were to connect Nigeria, Niger, Benin Republic, Togo, and Burkina Faso “with a high voltage 330 kilowatts transmission line, to facilitate energy trade among participant countries.”

The minister, who gave more details on the approvals by FEC, said, “Council approved three memos for Ministry of Finance. First, it approved a $150m loan facility from AfDB and $50m loan from African Grow Together Fund to finance the Nigerian electrification project. The project is a nationwide initiative to be implemented by the rural electrification agency.

“The project aligns with the strategy of the Federal Government on electrification of rural communities. The project has four components: First is solar hybrid mini-grid for rural economic development, the second is productive appliances equipment for up-grid communities, and the third is energising education while the fourth component is institutional capacity building.

“The impact of the project when fully implemented, about 500,000 people will be able to have access to electricity for about 105,000 households. The maximum power that will be generated will be 76.5 megawatts installed generating capacity part of which is 68,000 megawatts of solar.

“Eight universities will benefit from this scheme and about 20,000 small, micro, medium enterprises across different communities in the nation.

“The second approval is the North Core Dorsal Regional Transmission Project. This is a project that is part of the pipeline for the West Africa power pool priority projects. The intention is for the creation of a regional power pool in the region of West Africa. The pool project aims to connect Nigeria, Niger, Benin Republic, Togo, and Burkina Faso with a high voltage 330 kilowatts transmission line, to facilitate energy trade among participants.

“The project is in the total sum of $640m, out of which each of the four countries involved has a component. Nigeria has the smallest component in this pact, which is a total loan of $27.3 m IADE facility, a concessionary loan. This is a loan that the four countries are taking together; the other three countries have concluded theirs. So, this is one of the final stages for Nigeria to conclude its process.”

https://punchng.com/fg-seeks-fresh-247-3m-external-loan/amp/
Re: FG Seeks Fresh $247.3m External Loan by CodeTemplar: 8:12am On Apr 18
Still borrowing and prospecting for more oil. No diversification just new ways of sharing same oil proceeds.

14 Likes 4 Shares

Re: FG Seeks Fresh $247.3m External Loan by Blakjewelry(m): 8:14am On Apr 18
this guy like borrowing sha and them no see where the money dey enter sef

33 Likes 4 Shares

Re: FG Seeks Fresh $247.3m External Loan by socialmediaman: 8:17am On Apr 18
Buhari has not started with Nigeria. When he’s done, ‘who no know go know’... and he’ll still blame GEJ! next level

63 Likes 6 Shares

Re: FG Seeks Fresh $247.3m External Loan by backnbeta(f): 8:28am On Apr 18
He who goes a borrowing goes a sorrowing

24 Likes 3 Shares

Re: FG Seeks Fresh $247.3m External Loan by Larryfest(m): 8:29am On Apr 18
They keep borrowing

14 Likes 2 Shares

Re: FG Seeks Fresh $247.3m External Loan by Omooba77: 8:43am On Apr 18
The problem is that nothing tangible has been done with all the past borrowed money. Ask about, Lagos-Abeokuta-Ibadan rail, nothing is moving again, since after the election.

29 Likes 2 Shares

Re: FG Seeks Fresh $247.3m External Loan by Odongo111(m): 8:46am On Apr 18
Judesfixed37:
VIP Games Available Today
ok I am interested
Re: FG Seeks Fresh $247.3m External Loan by mekaboy(m): 9:00am On Apr 18
The noise about diversification has ended.A government that is not business inclined can't create wealth. They will only borrow to consume, and share peanuts to people in the name of empowerment program and the nation continues to move back.

23 Likes 4 Shares

Re: FG Seeks Fresh $247.3m External Loan by richidinho(m): 9:11am On Apr 18
Buhari is planning to sell this country
I pray Atiku wins at the tribunal

36 Likes 5 Shares

Re: FG Seeks Fresh $247.3m External Loan by helinues: 9:12am On Apr 18
Borrowing is not the problem, using the funds for the purpose is the big problem

7 Likes 2 Shares

Re: FG Seeks Fresh $247.3m External Loan by jasmine1600: 9:59am On Apr 18
They keep borrowing with nothing to show for it.
A government that claim to have recovered $338m from Abacha loot only to go the next week to China for a $328m loan.
The massive looting going on in this Buharis integrity administration will surpass all the loots in Nigeria history.
Only time wil tell.

18 Likes 1 Share

Re: FG Seeks Fresh $247.3m External Loan by Joromi12: 9:59am On Apr 18
without oil revenue in the future , how do we repay will china not take over our assets like this

13 Likes 1 Share

Re: FG Seeks Fresh $247.3m External Loan by Mowoe(m): 9:59am On Apr 18
When Buhari and his Forty Foolish thieves are done borrowing and we are unable to pay back(which would most likely be the case), the Chinese would come for their property(Nigeria and Nigerians in it) and Colonialism begins anew; and those political gods some of you have sworn to defend under the sun and in the rain would migrate to other countries with their families to enjoy their loot, and they'll make modern slaves out of whoever is left.

23 Likes 4 Shares

Re: FG Seeks Fresh $247.3m External Loan by dokyOloye: 10:00am On Apr 18
Next levu sturvs
Re: FG Seeks Fresh $247.3m External Loan by sukerefakere(m): 10:01am On Apr 18
Your future children will suffer and pay back


2050.

I hear by name you chidinma yiang okafor

8 Likes 1 Share

Re: FG Seeks Fresh $247.3m External Loan by dante0147: 10:01am On Apr 18
Lol... NextLevel Of borrowing grin

3 Likes

Re: FG Seeks Fresh $247.3m External Loan by Badgers14: 10:01am On Apr 18
Watch few individuals steal the while loan and send the money back to Dubai to build hotels. grin angry

2 Likes

Re: FG Seeks Fresh $247.3m External Loan by IamAlexander: 10:01am On Apr 18
.
Re: FG Seeks Fresh $247.3m External Loan by Uyi168(m): 10:01am On Apr 18
Bubu wan finish us
cry

1 Like

Re: FG Seeks Fresh $247.3m External Loan by AbleGod32123: 10:01am On Apr 18
Omooba77:
The Federal Government will take another fresh external loan of $247.3m for the development of infrastructure, despite the country’s rising debt profile.

The Federal Executive Council made the approval at its sitting in Abuja on Wednesday.

It came just days after the International Monetary Fund raised eyebrows over Nigeria’s current N24.38tn debt, advising the country to take borrowing slowly.

Briefing State House correspondents after the meeting rose, the Minister of Finance, Mrs Zainab Ahmed, gave a breakdown of the fresh loan.

She stated that $150m would come from the African Development Bank, to be spent specifically on rural electrification projects; $50m from Africa Grow Together Fund for other electrification projects; and $20m from French Development Agency, which would be loaned to the  Lagos State Government.

Lagos plans to use the $20m to build new roads and rehabilitate existing ones.

Another $27.3m IADE facility was approved as part of the ‘North Core Dorsal Regional Transmission Project.’

This will be part of the West Africa Power Pool projects with a total loan requirement of $640m.

The minister explained that the projects were to connect Nigeria, Niger, Benin Republic, Togo, and Burkina Faso “with a high voltage 330 kilowatts transmission line, to facilitate energy trade among participant countries.”

The minister, who gave more details on the approvals by FEC, said, “Council approved three memos for Ministry of Finance. First, it approved a $150m loan facility from AfDB and $50m loan from African Grow Together Fund to finance the Nigerian electrification project. The project is a nationwide initiative to be implemented by the rural electrification agency.

“The project aligns with the strategy of the Federal Government on electrification of rural communities. The project has four components: First is solar hybrid mini-grid for rural economic development, the second is productive appliances equipment for up-grid communities, and the third is energising education while the fourth component is institutional capacity building.

“The impact of the project when fully implemented, about 500,000 people will be able to have access to electricity for about 105,000 households. The maximum power that will be generated will be 76.5 megawatts installed generating capacity part of which is 68,000 megawatts of solar.

“Eight universities will benefit from this scheme and about 20,000 small, micro, medium enterprises across different communities in the nation.

“The second approval is the North Core Dorsal Regional Transmission Project. This is a project that is part of the pipeline for the West Africa power pool priority projects. The intention is for the creation of a regional power pool in the region of West Africa. The pool project aims to connect Nigeria, Niger, Benin Republic, Togo, and Burkina Faso with a high voltage 330 kilowatts transmission line, to facilitate energy trade among participants.

“The project is in the total sum of $640m, out of which each of the four countries involved has a component. Nigeria has the smallest component in this pact, which is a total loan of $27.3 m IADE facility, a concessionary loan. This is a loan that the four countries are taking together; the other three countries have concluded theirs. So, this is one of the final stages for Nigeria to conclude its process.”

https://punchng.com/fg-seeks-fresh-247-3m-external-loan/amp/



Always borrowing, dem don swear for dis Buhari government sha

2 Likes

Re: FG Seeks Fresh $247.3m External Loan by Bizibi(m): 10:02am On Apr 18
My heart dey cut oooo.....thank God nor be billions.next level loan.
Re: FG Seeks Fresh $247.3m External Loan by Bizibi(m): 10:02am On Apr 18
My heart dey cut oooo.....thank God nor be billions.next level loan.....
Re: FG Seeks Fresh $247.3m External Loan by dynicks(m): 10:02am On Apr 18
ok
Re: FG Seeks Fresh $247.3m External Loan by TOMMYS: 10:02am On Apr 18
the north selling Nigeria to the western world. just to hold on to power.

4 Likes 2 Shares

Re: FG Seeks Fresh $247.3m External Loan by Nobody: 10:03am On Apr 18
Everytime bad news

$247.3million x 360 shocked

4 Likes

Re: FG Seeks Fresh $247.3m External Loan by Amuocha: 10:03am On Apr 18
Before dissolving cabinet grin grin grin

3 Likes

Re: FG Seeks Fresh $247.3m External Loan by holuphisayor(m): 10:04am On Apr 18
Hmm $300m abacha loot gone with the winds.
Another $250m loading

4 Likes 1 Share

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