The Minister of State for Finance, Yerima Ngama disclosed this to State House correspondents at the end of FEC meeting presided over by Vice President Namadi Sambo.
The Minister said the $100 million facility will be taken by the federal government and lent to the three states. The facility will attract concessionary rate of two per cent interest rate and will 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.
On the disbursement of the loan, Ngama said $30 million will go to Cross Rivers state. The State is expected to invest the fund in the completion of its independent Power project.
Enugu state government will get $40 million which is expected to be spent on 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 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. Click to signup for FREE news updates, latest information and hottest gists everyday
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Hmmm. Borrow borrow nation. It's well
ReplyDeleteGEJ will finish Naija if urgen measure is nt taken.why borrow of money
ReplyDeleteWhy are we borrowing money from India of all places? We never learn in Nigeria. Do we ever look inwards to solve our problems? India that has got beef for naija? Then these states would chop the money and clean mouth. Because no one is ever held accountable. Chaaaà aà i.
ReplyDeleteThey have to borrow to buy more armoured cars and to sort INEC to rig them back to office come 2015.. GEJ government d most corrupt.
ReplyDeleteThis country is in a big mess..how can Nigeria be borrowing money with the big bag money these people are spending on irrelevant things...they were asked to slash their salaries and allowances they refuse to do that... A country where 25% of budget goes to National Assembly, and u expect the country not to borrow. It is impossible...
ReplyDeleteThat is what a clueless president can offer to the country. As Acting President, the man, wiped off our foreign reserve and now he is borrowing. I challenge one of his supporters to tell us through this forum what he has been doing with all the money he has been borrowing. It is a shame that with all the money we have, we cannot manage ourselves, we have been borrowing. Now we are borrowing from India. This man is ruining this country. Was it not the debt that OBJ fought hard before it was cancelled?
ReplyDeleteY d hole nigeria wl go nd borrow money 4rm india ..chai 2 nigerians
ReplyDeleteOkonjo wahala seems no less of a problem than GEJ. One is just havard trained looter and the other Nigeria trained simpleton
ReplyDelete