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

Nigerian Academy Of Science Inducts First Female President

The Nigerian Academy of Science has inducted a professor of Parasitology/Epidemiology, Ekanem Ikpi Braide, as its 19th President on Thursday. In a statement issued by Oladoyin Odubanjo, the Executive Secretary of the Academy, Braide is the Academy’s first female President in 44 years of existence. It read, “Braide was a member of the national committee that achieved the laudable feat of guinea worm eradication in Nigeria. “She has a rich professional experience as a researcher and an administrator. In July 2010, Professor Braide was honoured by the President of Nigeria with the award of Officer of the Order of the Federal Republic (OFR) for her contribution to disease control in Nigeria. “She was nominated by the Honourable Minister of Health to serve in the Ministerial Expert Advisory Committee on COVID-19 Health Sector Response (MEACoC-HSR). “Professor Braide served as Vice-Chancellor, Cross River University of Technology (CRUTECH) Calabar, Nigeria (2004 to 2009) and as P

NLNG Signs Letter Of Intent On Delayed Gas Expansion Project

The Nigerian Natural Liquefied Gas LTD has signed a letter of intent for the engineering, procurement and construction of its long held up Train Seven project. In a statement released by the company on Wednesday, it said that the $10bn project will be executed by a consortium of Italian firm Saipem, Japan’s Chiyoda and South Korea’s Daewoo. The statement reads, “The project will form part of the investment of over $10bn including the upstream scope of the LNG value chain, thereby boosting the much needed Foreign Direct Investment profile of Nigeria.” Managing Director of NLNG, Tony Atta, said in 2018 that the Final Investment Decision would be made in the fourth quarter of that year. This did not however, materialize. According to the release, the project will have a four to five-year execution time after the signing of the FID. The project is expected to add an extra 8 million tons per annum of gas to the 22 mtpa currently exported by the company. Oil News AddThis :

Former Maritime Agency Boss, Buba Galadima, Accuses AMCON Of Witch-hunt After Property Takeover

A former Director-General of the Nigeria Maritime Agency, Buba Galadima, has accused the Asset Management Corporation of Nigeria of witch-hunt after the agency took possession of his business and assets on Tuesday in Abuja. Galadima, an ardent critic of President Muhammadu Buhari, claimed that he did not borrow money or have unpaid debt with Unity Bank, which lodged a complaint against him and occasioned AMCON’s move on Tuesday. The properties taken over include House No. 15, Addis Ababa Crescent, Wuse Zone 4, Federal Capital Territory, Abuja and House No. 4, Bangui Street, Wuse 2, also in Abuja. Reacting to the situation, Galadima said, “This is an attempt to disgrace and break me down. This is injustice and an attempt to humiliate me. "But I am unbreakable and they can never silence me. They sacked me and over 50 people that sleep in the apartment. "We don’t know where to go. We will remain on the streets. We will remain on the streets until God provi

EDUPEDIA247

Search This Blog