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Nigeria: Yobe, Osun Get FG Nod On ADB Facility

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Nigeria First (Abuja)

15 May 2008
Posted to the web 15 May 2008

Abuja

Nigeria has signed a loan of $65m with the African Development Bank for water and sanitation projects in Yobe and Osun states.

The Permanent Secretary Federal Ministry of Finance Mrs Ama Pepple who signed on behalf of Nigeria at the ongoing ADB meeting in Maputo, Mozambique on Thursday May 15 said the facility met the Federal Government guidelines on external borrowing.

"It is noteworthy that the loan for this projects from the concessionary window of the ADB which is in line with the Federal Government's external borrowing guidelines and attracts zero percent interest rates, a service charge of 0.75percent and a commitment charge of 0.5percent per annum.

Mrs Pepple gave an assurance that the loan will be accessed without bottlenecks by the two benefiting states

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