28 January 2013

Nigeria: Anambra to Secure U.S.$125 Million World Bank Loan

Awka — Anambra State Governor Peter Obi has disclosed plans to secure a $125 million World Bank loan in order to tackle the ecological problems in the state.

He spoke Saturday in Awka at the town hall meeting which marked the end of the National Good Governance tour in the state.

Obi said $75 million would be used for erosion control, and $50 million for improving the educational sector.

He said his administration was mapping out ways to refund the loan without using any money from the state treasury.

"We have not borrowed a kobo from any bank and we have not issued any bond. The State House of Assembly has approved for me to borrow at least N10 billion in the past five years that I have presented a budget, but in those five years, I have closed the year with not less than N10 billion in credit," he said.

The governor lamented the relatively low Internationally Generated Revenue (IGR) in the state, saying with enormous industries domicile in the state, it ought not to be so.

In his remarks, Information Minister, Labaran Maku, urged governments to build an enabling environment for the people to contribute their quota to the nation's development.

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