During the last Federal Executive Council (FEC) meeting in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced the approval of a $3.45 billion World Bank loan application aimed at financing various projects in Nigeria.<\/p>\n
<\/p>\n
The FEC endorsed the loan request, marking the beginning of the Federal Government’s access to this significant financial resource, characterized by a “zero-interest” rate. The loan is structured for repayment over a 40-year period, including a 10-year moratorium, which implies that repayments will commence in 2033.<\/p>\n
<\/p>\n
Mr. Edun explained, “Today at the Federal Executive Council, I presented five memos which were gracefully approved by the Council. They had to do with concessional and, in many cases, zero-interest financing by the World Bank and the International Development Association, which is the very concessional financing arm.”<\/p>\n
<\/p>\n
The approved funds are designated for multiple sectors, including power and renewable energy projects. Additionally, financial assistance will be extended to states for resource mobilization initiatives to enhance their internally-generated revenue. The financing also encompasses a project aimed at empowering and educating adolescent girls, as well as a women’s empowerment project.<\/p>\n
<\/p>\n
The loan terms offer a lengthy tenure of approximately 40 years, combined with a considerable moratorium period of around 10 years, with very low interest or, in certain cases, zero interest. Nevertheless, the Minister noted that some associated fees would be incurred.<\/p>\n
<\/p>\n
Furthermore, during the FEC briefing, the Minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu, disclosed the council’s approval for the establishment of a Humanitarian and Poverty Alleviation Trust Fund.<\/p>\n","protected":false},"excerpt":{"rendered":"
During the last Federal Executive Council (FEC) meeting in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced the approval of a $3.45 billion World Bank loan application aimed at financing various projects in Nigeria. The FEC endorsed the loan request, marking the beginning of the Federal Government’s […]<\/p>\n","protected":false},"author":2,"featured_media":3297,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-3710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/3710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=3710"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/3710\/revisions"}],"predecessor-version":[{"id":3712,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/3710\/revisions\/3712"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/3297"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=3710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=3710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=3710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}