FG approves loan of $197.3m for electrification, Lagos transport

- The sum of $197.5m has been approved by the Federal Executive Council for the electrification project and Strategic Transport Master Plan for Lagos state government

- The loans were approved at the FEC meeting presided over by President Muhammadu Buhari in Abuja on Wednesday, April 17

- Ahmed says the loans were approved in three memos presented by the ministry of finance during the meeting

The minister of finance, Zainab Ahmed, has said the sum of $197.5m has been approved by the Federal Executive Council (FEC) for the electrification project and Strategic Transport Master Plan for Lagos state government.

The minister, who made the disclosure in Abuja on Wednesday, April 17, said the loans were approved in three memos presented by the ministry of finance during FEC meeting on Wednesday, April 17, Daily Trust reports.

Legit.ng gathers that the meeting was presided over by President Muhammadu Buhari at the State House, Abuja.

According to the minister, $150m loan facility was approved from African Development Bank and $50m loan from African Grow Together Fund to finance the Nigeria electrification project.

She said: “The project is a nationwide initiative to be implemented by the rural electrification agency. The project aligns with the strategy of federal government on electrifying rural community.

According to Ahmed, the project has four components. She said: “First is solar hybrid mini-grid for rural economic development, the second is productive appliances equipment for up-grid communities and the third is energising education while the fourth component is institutional capacity building.”

The minister said about 500,000 people will be able to have access to electricity, adding that the maximum power that will be generated will be 76.5 megawatts, of which is 68,000 megawatts of solar.

She said the sum of $20m was also approved for the Lagos State Strategic Transport Master Plan.

Ahmed added: “This facility is from the French Development Agency. The objective of the project is to improve the living conditions of the inhabitants of Lagos urban area and to promote urban development sitting by efficient and effective transport system. The project has two major components, first is to rehabilitate urban roads and the creation of minimum of eight bus corridors and the creation of two multi-model inter-changes at Marina and Mile 2. The second objective is to provide technical support for implementation and management.

“When completed, the project is expected to impact on 1.8 million inhabitants of Lagos State and accumulative 1.5 million users per day for inter-model inter-changes with about 620,000 boarding at Mile 2 and 480,000 boarding at Marina. Another estimated 630,000 boarding at QBS."

PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app

Meanwhile, Legit.ng previously reported that Senator Shehu Sani warned the Nigerian government against collecting loans from the Chinese government.

The senator representing Kaduna central senatorial district, gave the warning in a post on social media on Thursday, April 11.

NAIJ.com (naija.ng) -> Legit.ng We have updated to serve you better

Top 3 poorest countries: Where people have to live on a dollar a day - on Legit TV

Source: Legit.ng

from Legit.ng: Latest Nigeria News Today & Breaking Naija News 24/7 http://bit.ly/2UHeFpa
via EDUPEDIA24/7

Dust haze weather to prevail on Thursday, December 27

- The Nigerian Meteorological agency (NiMet) predicts thick dust haze weather conditions over most parts of the country - NiMet predicts northern states would experience dust haze - The agency also predicts early morning mist/fog is expected over the coastal cities The Nigerian Meteorological Agency (NiMet) has predicted thick dust haze weather conditions with reduced visibility over most parts of the country on Thursday, December 27. NiMet’s Weather Outlook on Wednesday, December 26, in Abuja, revealed that the central region of the country would record dust haze condition with visibility range of two to five kilometres throughout the day. It added that day and night temperatures of 27 degrees Celsius to 34 degrees Celsius and 10 degrees Celsius to 20 degrees Celsius, respectively, would prevail over the region. READ ALSO: Police reportedly arrest Badeh’s alleged killers The agency predicted that the northern states would experience dust haze with visibility range of two to fi...

N2.5bn Fraud: You Have Case To Answer, Appeal Court Tells Suspended NBC Boss, Kawu

The Director General of the National Broadcasting Commission, NBC, Ishaq Kawu. The Court of Appeal, sitting in Abuja, has dismissed an appeal filed by the suspended Director-General of the National Broadcasting Commission, Dr Moddibbo Kawu, challenging the decision of the Federal High Court, to dismiss the no-case submission he filed at the lower court. The Independent Corrupt Practices and Other Related Offences Commission had charged Kawu, Lucky Omoluwa (late Chairman of Pinnacle Communications Ltd) and Dipo Onifade, Chief Operating Officer of the same company, before Justice Folashade Ogunbanjo-Giwa, on a 12-count charge of money laundering. Is'haq Modibbo Kaw THISDAYLIVE The suspended NBC boss and his co-accused then approached the appellate court to reverse the judgment of the Federal High Court. The appellate dismissed the no-case submission filed by Kawu and his co-accused and held that they had an explanation to give when he elected to facilitate the payment of ...

Buhari’s Legacy Of Recessions By Fredrick Nwabufo

Fredrick Nwabufo ‘Why always Buhari?’ As it was in 1984 under General Buhari, so it is in 2016 and 2020 under President Buhari? Is it by the unfortunate hands of kismet that recession hits Nigeria every time Buhari takes charge of the country’s affairs? If the recession of the 80s under Buhari was a conspiracy by economic and political factors, to what do we attribute that of his first coming as a civilian President — and now in his second coming? Why does pestilence scourge the land, hunger ravage the population and lives lost malevolently when Buhari presides over the country? Why always Buhari? Buhari’s undoing is his wonted predilection for hierarchising ethnicity, religion and loyalty above competence. Since 1999, no President has obtrusively shown a more nepotistic aspect than Buhari. It is unarguable that the President arrays the most competence-challenged cabinet ever in the chronicle of governance in Nigeria. Yes, a recession cabinet. Fredrick Nwabufo Here is a cabin...

EDUPEDIA247

Search This Blog