Federal Council Greenlights $3.45 Billion Loan for Game-Changing Projects

In a significant move, the Federal Executive Council has granted its nod for a substantial $3.45 billion loan, set to finance a dynamic array of initiatives. These projects span across key sectors, promising to usher in transformative change. Here’s a breakdown of the approved endeavors:

1. Powering the Future: The loan will bolster investments in the power sector, paving the way for enhanced energy infrastructure.
2. Renewable Revolution: Renewable energy initiatives will receive a much-needed financial boost, pushing forward the nation’s green agenda.
3. Empowering States: A resource mobilization program for states will fortify their efforts in generating internal revenue.
4. Girls on the Rise: The Adolescent Girls’ Initiative for Learning and Empowerment will empower young girls with skills, ensuring a brighter future.
5. Women’s Empowerment: A dedicated project for women’s empowerment promises to uplift and support women in various aspects of life.

Finance Minister and Coordinating Minister of the Economy, Wale Edun, revealed that this is a “zero-interest” loan with a generous 10-year moratorium and a 40-year repayment period, commencing from 2033.

Furthermore, the education sector is set to undergo a major transformation as the girls’ program, initially spanning seven states, expands to eleven. Dr. Tahir Mamman, Minister of Education, stressed its aim to empower girls aged 10 to 20, bridging the gap in educational opportunities.

The Federal Executive Council also gave the green light to the establishment of the Humanitarian and Poverty Alleviation Fund, aiming to raise a substantial $5 billion annually. The fund’s resources will come from government contributions, partnerships with development organizations, private sector investments, and individual donations, providing critical support for emergency responses during humanitarian crises.

This momentous decision reflects the government’s commitment to driving positive change, empowering its citizens, and ensuring a brighter future for all.