The Nigerian government has approved a $USD3.45 billion loan to finance projects in the power sector in a resource mobilisation programme for states, and education, according to Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
The minister made the announcement on Monday while briefing State House reporters following a federal cabinet meeting presided over by President Bola Tinubu at the Presidential Villa’s Council Chambers in Abuja.
He said the tenure of the 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 education which is the training and empowerment of teenage females, the Minister of Education, Professor Tahir Mamman, stated that the effort to minimise the number of out-of-school children would benefit girls aged 10 to 20 from 18 participating states.
The minister stated that the council has reassessed its policy direction and allowed the Public Procurement Council to execute its powers on contract award in accordance with the requirements of the Public Procurement Act, allowing the FEC to focus on topics of national importance.
Betta Edu, Minister of Humanitarian Affairs and Poverty Alleviation, stated during a briefing that the council approved the Humanitarian and Poverty Alleviation Trust Fund, which would be governed by a board of directors and will aim to raise $5 billion annually from diverse sources.
She stated that the implementation would be meticulously planned by members of the committee, which would include the finance minister and other key ministers.
According to the minister, the FEC also ratified the protocol on the protection of the rights of elderly people in Nigeria.