Again, Federal and State Governments to borrow $9bn

THE National Economic Council (NEC), on Thursday, approved plans by the Federal Government to take loan facilities of about $9 billion to be made available by different international funding organisations.The decision was reached at its meeting in State House, Abuja where the Council also adopted a recommendation to expand one university in each of the six geo-political zones to the status of mega university to accommodate more prospective students.

Cross River State governor, Liyel Imoke, who along with his Anambra State counterpart, Peter Obi; Taraba acting governor, Garba Umar; Minister of National Planning, Dr Shamsudeen Usman and Minister of State for Finance, Dr Yerima Ngama, briefed correspondents after the meeting, said the facilities were for project development.

He revealed that the loan facilities would be provided by Islamic Development Bank (IDA), African Development Bank, French Development Agency, as well as Chinese and Indian Exim Banks. Imoke noted that the facilities, which have up to 10 years moratorium and 40 years repayment periods, were available to both the Federal and state governments to fund high impact projects towards improving infrastructure, agriculture and employment generation.


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