FEC Okays $3.45bn Loan To Finance Power, Other Projects

President Bola Ahmed Tinubu

The Federal Executive Council (FEC) has approved $USD3.45 billion loan to fund projects in the power sector, resource mobilisation programme for states, and adolescent girls’ initiative for learning and empowerment.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this on Monday while briefing State House reporter after the federal cabinet meeting presided over by President Bola Ahmed Tinubu at the Council Chambers of the Presidential Villa in Abuja.

He said the tenure of the five loans was around 40 years with a moratorium period of around 10 years and very low interest, adding that “in the cases of the either loans, zero interest, some fees would be incurred.”

On the training and empowerment of adolescent girls in Nigeria, the Minister of Education, Professor Tahir Mamman, said girls between the ages of 10 and 20 from 18 participating states would benefit from the project to reduce the number of out-of-school children.

The minister also said that FEC also ratified the protocol on the protection of the rights of older persons in Nigeria.

The Minister of Solid Mineral Development, Dele Alake, said the council approved a draft policy on the entire solid mineral sector, covering the gamut of oil activities, operations, guidelines, regulatory framework, handling, sourcing, mining, and all the dynamics in the sector.

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