FG approves $3.45 billion W’Bank loan request for power and others

The request for a $3.45 billion loan to pay for five things was granted on Monday by the Federal Executive Council.

They consist of initiatives for women’s empowerment, the electricity sector, renewable energy, the states’ resource mobilisation programme, and the teenage girls’ initiative for learning and empowerment.

The FG would proceed to receive the $3.5 billion “zero-interest” loan payable over 40 years with a 10-year moratorium, according to Wale Edun, Minister of Finance and Coordinating Minister of the Economy, who informed State House Correspondents that payments would start in 2033.

““Today at the Federal Executive Council, I presented five memos, which the Council graciously accepted,” Edun said. They had to do with finance that was very generously offered by the World Bank and the International Development Association, including financing that was often zero-interest.

The power sector was the first to receive financing approval, followed by the renewable energy sector. States received cash for resource mobilisation initiatives to support their efforts to increase locally generated revenue.

“Adolescent girls’ initiative for learning and empowerment has a project. Finally, a project for women received the sixth money that had been authorised.

According to the finance minister, the $700 million girls’ plan would help young girls who were of secondary school age acquire employable skills in addition to their academic accomplishments.

READ ALSO: Distribution of FG palliatives to residents is started by the AMAC Chairman

Putting a dollar amount on the project, Edun added, “The current project is 700 million.

So those five loans totaled $3.45 billion. As you are aware, the tenure is all around 40 years, with a moratorium period of roughly 10 years and very low interest rates, or zero interest in the case of either loans. However, there would be some costs.

The girls’ programme, which started out in seven states initially, was expanded across 11 states, according to the Minister of Education, Dr. Tahir Mamman, who provided more details.

According to Mamman, there will now be roughly 11 additional states involved in this project, which will empower girls between the ages of 10 and 20 throughout the participating states, up from the original seven.

“This is a very significant expansion of this programme, which is intended to empower our teachers, our girls, and the establishment of additional schools throughout the nation.”

The activities, he continued, were in line with the Tinubu administration’s goal of reducing, “if not completely eliminating,” the proportion of girls and kids who are not in school.

Additionally, the Federal Executive Council gave its approval for the creation of the Humanitarian and Poverty Alleviation Fund, which aims to raise $5 billion annually for immediate humanitarian disasters.