8 November 2012

Nigeria: FG Approves N12 Billion Loan for Water Projects

The Federal Executive Council (FEC) yesterday approved a loan of $77 million (about N12 billion) for water projects in Lagos and Cross River states.

Briefing State House correspondents after FEC meeting, Information Minister Labaran Maku said the concessionary loan from a France agency will fund ongoing urban water projects in the two states.

He said the loan comprises of $43.9 million (N6.8bn) to Cross River and $33.8 million (about N5.2bn) to Lagos state.

Maku said, "The loan is to facilitate access to water in a number of cities and towns in the states. In Cross River, the loan will be used to provide water supply in Calabar metropolis, it will also cover Ogoja, Ikom and Obudu."

On her part, the Minister of State for Power, Zainab Kuchi, said the Federal government has entered into agreement with two Chinese companies to construct the Mambila and Zungeru hydroelectric dams.

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