The Federal Executive Council (FEC) has approved the application for a $3.45bn loan from the World Bank and the International Development Association (IDA) to finance five projects in the areas of power, education, and women empowerment.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this on Monday after the FEC meeting. He said that the loan was concessional and zero-interest, with a repayment period of 40 years and a grace period of 10 years.
He said that the projects that would benefit from the loan were:
- Power Sector Recovery Project: This project aims to improve the reliability and efficiency of electricity supply and distribution in Nigeria.
- Renewable Energy Access Project: This project seeks to increase access to clean and affordable energy for rural and urban households and businesses.
- States Fiscal Transparency, Accountability, and Sustainability Programme: This programme supports states to improve their revenue generation and management, as well as their fiscal accountability and transparency.
- Adolescent Girls Initiative for Learning and Empowerment: This initiative targets girls aged 10 to 20 in 18 states to provide them with quality education and life skills.
- Nigeria for Women Project: This project empowers women in rural areas to access finance, markets, and social services.
Edun said that the loan would help the government to implement its development agenda and improve the living standards of Nigerians.
The Minister of Education, Dr Tahir Mamman, said that the girls’ initiative was in line with the Tinubu administration’s goal to reduce the number of out-of-school children and girls in Nigeria. He said that the project would empower girls with marketable skills and enhance their academic performance.
He said that the project started with seven states but has now expanded to 11 more states.
The FEC also approved the establishment of the Humanitarian and Poverty Alleviation Fund with the aim of raising $5bn annually for emergency responses to humanitarian crises in Nigeria.
The Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betta Edu, said that the fund would be sourced from the government, development partners, private sectors, and individuals. She said that the fund would be used to provide relief and assistance to victims of conflicts, disasters, and other humanitarian challenges.
