Nigeria Secures N16 Billion Loan From Indian Bank

The Executive Council of the Federation, FEC, on Wednesday approved the signing of a N16 billion ($100 million) loan agreement with the Indian Import Export Bank to boost power supply in three states.

The federal government after receiving the loan will lend the money to three states: Cross River, Enugu, and Kaduna.
Briefing journalists after the weekly meeting of the FEC, presided by Vice President Namadi Sambo, the Minister of State for Finance, Yerima Ngama, said the facility is mostly for transmission lines as well as other accessories to develop the industrial areas of the concerned states.
He said the credit facility is different from the previous loans that led to Nigeria’s increased foreign debt.
“First, the facility will be taken by the federal government of $100 million. And $30 million will be on lent to Cross River State for the Calabar independent Power project; and Enugu State government is going to get $40 million for the electrification of 96 communities, supply and commissioning of 33KVA and four 15KVA lines and the distribution of transformers and other accessories to the 96 communities in the three Senatorial zones of Enugu state.
“$30 million will be on lent to the Kaduna State government and this will be used to augment the resources needed for the construction of the 70 kilometres transmission line from the Gurara dam to Kaduna industrial area. It will also be used for the construction of 132/ 33KVA substation power supply to Kaduna industrial area and 50 communities in Kaduna State will also benefit from solar electricity project” he said.

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