Nigeria: Cabinet Approves U.S.$6.8 Million Loan From AfDB

Photo: The Guardian

The Federal Executive Council (FEC) has approved a memo from the Ministry of Finance to secure a loan of $6.8 million from the African Development Bank (AfDB).

The loan, according to the Minister of Finance, Zainab Ahmed, is to finance "inclusive basic service delivery and livelihood empowerment integrated programme for the rebuilding of the North-east".

Mrs Ahmed, who addressed journalists at the end of the meeting of FEC Wednesday, chaired by President Muhammadu Buhari said there was a previous facility which was used to cover Adamawa, Bauchi, Borno, Gombe, Taraba, and Yobe States.

She also said: "some specific institutions were beneficiaries".

The minister said a federal science and technology college in Lassa, Borno State, which was one of the beneficiaries could not benefit "because of the insurgency".

"It could not be carried out because of the activities of insurgents.

"Now, what we are trying to do is to go back to the projects, to this particular institution to make sure we can rehabilitate the institution and also undertake a complete skill, training and educational project that will mitigate against the challenges that the institution has had," she said.

She also said the loan is a concessionary one with an interest rate of one per cent and payable over 30 years, with five years moratorium.

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