FG to Borrow $124.2Million to Fund Water Projects In Nigeria
The Federal Executive Council has given approval for the collection of $104.2m and $20m loans from two international financial institutions for the development of water projects in Nigeria.
According to the Federal Ministry of Water Resources, the loans would come from the African Development Bank and the African Growing Together Fund.
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Spokesperson for the ministry, Kenechukwu Offie, who disclosed this in a statement issued on Thursday in Abuja, said the loans would be deployed to the projects to ensure sustainable water supply.
She said, “The Federal Executive Council at its meeting of November 4, 2020, approved to obtain loans of $104.2m from African Development Bank and $20m from African Growing Together Fund to finance Nigerian Urban Water Reform and Akure Water and Sanitation Project.
“The project aims to provide sustainable access to safe drinking water for the residents of Akure city and its environs.”
The statement further noted that the Federal Executive Council at its recent meeting of November 4, 2020 also approved the award of contract for the completion of the Ota Water Supply Scheme in Ogun State.
It said the approval was in favour of Messrs Naston Engineering Nig. Ltd in the sum of N3,937,494,634.83 inclusive of 7.5 per cent Value Added Tax with a completion period of 24 months.