x

FG approves collection of $124.2m loans for FG

The Federal Executive Council has given approval for the collection of $104.2m and $20m loans from two international financial institutions for the development of water projects in Nigeria.

According to the Federal Ministry of Water Resources, the loans would come from the African Development Bank and the African Growing Together Fund.

Spokesperson for the ministry, Kenechukwu Offie, who disclosed this in a statement issued on Thursday in Abuja, said the loans would be deployed to the projects to ensure sustainable water supply.
She said, “The Federal Executive Council at its meeting of November 4, 2020, approved to obtain loans of $104.2m from African Development Bank and $20m from African Growing Together Fund to finance Nigerian Urban Water Reform and Akure Water and Sanitation Project.

“The project aims to provide sustainable access to safe drinking water for the residents of Akure city and its environs.”

The statement noted that the Federal Executive Council at its meeting of November 4, 2020 also approved the award of contract for the completion of the Ota Water Supply Scheme in Ogun State.

It said the approval was in favour of Messrs Naston Engineering Nig. Ltd in the sum of N3,937,494,634.83 inclusive of 7.5 per cent Value Added Tax with a completion period of 24 months.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Trump Announces Ceasefire Deal Between Israel and Iran After 12-Day Conflict

U.S. President Donald Trump on Monday evening announced a...

Tinubu To Wike, I’ll Support Livestock Ranches In Abuja

… Commissions Kwali 15-kilometer A2 to Pia Road By Joyce...

JUST IN: NNPCL Hikes Petrol Price to N945 in Abuja, N915 in Lagos

The Nigerian National Petroleum Company Limited (NNPCL) has increased...

JUST IN: Iran Fires Missiles at US Bases in Qatar, Iraq

Iran has launched missile attacks targeting US military bases...

Transfer Update: Al-Hilal increase Osimhen’s contract offer to €160m

Saudi Arabian giants Al-Hilal have reportedly raised their contract...

Annie Macaulay Sparks Speculation with Subtle Jab at 2Baba Idibia

Actress and socialite Annie Macaulay, ex-wife of music icon...
spot_img

Related Articles

Popular Categories

spot_imgspot_img