FEC APPROVES 5 MEMORANDA TO SEEK FOR 3.45 BILLION DOLLAR LOAN FROM IDA TO FUND PROJECTS 23-10-23
By Sadiq Aminu The Federal Executive Council, FEC, has approved 5 memoranda from the Ministry of Finance seeking to obtain a 3.45 billion dollar loan from the International Development Association, which is the concessional financing arm of the World Bank, to fund some projects.
Giving details of the projects in question, the Minister of Finance, Mr. Wale Edun, said the loan would be used to fund projects in the power and the renewable energy sectors.
He said states would benefit from the loan to fund their resource mobilisation programmes to boost their internally-generated revenue efforts.
Mr. Wale Edun said part of the loan would be used to support girls of secondary school age, through a programme tagged Adolescent Girls’ Initiative for Learning and Empowerment.
He said the aim was to equip them with education and skills that would make them self-reliant after school, explaining that 18 states have so far shown interest to partake in the project.
The Minister said FEC had also given approval for a project to upscale levels of skills acquired by the womenfolk by giving them some financial inclusion, including in the banking system.
According to him, the loan has a 40-year tenure, with a moratorium period of around 10 years.
Also briefing newsmen, the Minister of Education, Professor Tahir Mamman, said FEC would henceforth cease to be a contract-awarding institution.
He explained that the meeting had adopted a decision to instead allow the Public Procurement Council exercise its powers by handling issues of projects and other government activities within its jurisdiction.
Professor Tahir Mamman said FEC would now concentrate on issues of policy.