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FG secure N16.2billion loan for power supply in three states

Federal Executive Council today granted approval for the obtaining of a
N16.2billion loan from Indian Import Export Bank to boost power supply in
three states.
The loan states expected to benefits from loan are Cross Rivers, Enugu and
Correspondent Ikharo Attah reports that council started with a brief
celebration of president Jonathan’s 56th birthday.
Wednesday’s federal executive council meeting started with the celebration
of president Goodluck Jonathan’s 56th birthday.
The minister’s who were led by vice president Namadi Sambo in the birthday
celebration lauded and prayed for the president who was absent at council
due to his trip London.
Briefing journalists after the meeting which usually held behind close
doors, minister of state for Finance Dr Yerima Ngama says the Federal
Executive Council granted approval for the signing of a loan agreement with
Indian Import Export Bank in the sum of $100 Million, which is equivalent
to N16.2billion  to boost power supply in three states.
The loan is expected to Cross Rivers, Enugu and Kaduna
First, the facility will be taken by the federal government of $100 Million
and will be on lent to Cross Rivers 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.
$30M 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 Kilometers
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.
Minister of sport, Bolaji Abdulahi also briefed on Nigeria recent success
sport outings as he praised the golden Eaglets for winning the under 17
world cup and the super eagles for qualifying for the world cup.


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