The
Federal Executive Council has approved hundred million dollar loan from the
Indian Import- Export Bank for three states of the federation.
Announcing this after the FEC meeting today, Minister
of State for Finance, Yerima Ngama said the facility will be secured by the
federal government and lent to Enugu, Kaduna and Cross Rivers states. According
to the Minister, the loan will attract concessionary rate of two per cent
interest rate to be repaid over a ten year period with three years moratorium,
but with a commitment charge of 0.5 per cent of undrawn balance and 0.5 per
cent for service charge.
A
breakdown of the figure shows that Cross Rivers state will receive $30 million,
to fund the completion of its independent Power project. Enugu
state government will get $40 million to be spent on electrification of 96
communities, supply, commissioning of 33KVA/ four 15KVA lines and the
distribution of transformers and other accessories to the 96 communities in the
three Senatorial zones of the state. He added that $30 million will be lent to Kaduna
state government to augment the resources needed for the construction of 70
Kilometers transmission line from the Gurara Dam to Kaduna industrial area and
the construction of 132/ 33KVA substation power supply to Kaduna industrial
area. Also, part of the fund will be used by the state government to construct
solar electricity project in 50 communities.
The
meeting, which was presided over by Vice President Namadi Sambo, took out time
to felicitate with Dr Jonathan on his 56th birthday today.
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