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The minister of finance is seeking approval for a loan.

The weekly meeting of the Executive Council of the Federation, FEC, holding on Wednesday will discuss a memo to be presented by the Minister of Finance and Coordination for the Economy, Ngozi Okonjo-Iweala, seeking the approval by members for Nigeria to take another $300 million (N47 billion) loan from the African Development Bank, ADB.

PREMIUM TIMES learnt that the loan facility would be utilised for the development of the transport sector, including the completion of the East-West Road project in the Niger-Delta region as well as for the ongoing economic governance reform programme in the country.

The federal government had already indicated its willingness to take loans to complete ongoing road projects.

The meeting is also expected to deliberate the on the Mid-term Report review and the First National Implementation Plan 2010 to 2013 of the Nigeria Vision 20:2020 Economic Transformation Blueprint to be presented by the Chairman, National Planning Commission, Shamsudeen Usman; who would also solicit members approval of Nigeria’s Presidency of the Leading Group on Innovative Financing for Development.

During the meeting, Minister of Agriculture and Rural Development, Akinwunmi Adesina is expected to present a memorandum to propose the ratification of President Goodluck Jonathan’s anticipatory approval of the draft National Fertiliser Bill 2013, while Minister of Women Affairs, Zainab Maina, would brief the Council on the outcome of the 57th session of the UN Commission on the Status of women at the UN Headquarters, held in New York in March 2013.

The Minister of Power, Chinedo Nebo, who would be briefing the Council on the progress and challenges facing his ministry, would also present a memorandum seeking the approval of the Council for the award of contract for the supply of Hitachi Generator Special tools to Jebba Hydro Electric PLC.

According to the draft agenda sighted by our reporter, the Minister of Niger Delta Affairs, Godsday Orubebe, is expected to also brief the Council on the achievements and challenges of his ministry

eko ilee: Instead of finance minister, why is this woman's title no borrowing and loans minister..



What is the meaning of ongoing economic governance reform programme?



Crooked people sabi formulate funny names for their embezzling programs ..lmao

taharqa2: SHUT ya Hypocritic mouth tha, @OP. The State with by far d highest burden of Loans in d country is Lagos, and it is still borrowing. When the FG tried discouraging the Lagos state from borrowing $600m last yr, you and yr fellow Hypocritical clowns were shouting blue murder, asking d FG to approve it. So shut that trap you call yr mouth, and stop seeing everytin as an opportunity to do Propaganda- like you really cared about the Economy..... By d way, I dont think this loan is a 'new' one per say; it apparently is part of those approved in d Middle-term Borrowing Plan documentd already passed by d NA..

taharqa2: SHUT ya Hypocritic mouth tha, @OP. The State with by far d highest burden of Loans in d country is Lagos, and it is still borrowing. When the FG tried discouraging the Lagos state from borrowing $600m last yr, you and yr fellow Hypocritical clowns were shouting blue murder, asking d FG to approve it. So shut that trap you call yr mouth, and stop seeing everytin as an opportunity to do Propaganda- like you really cared about the Economy..... By d way, I dont think this loan is a 'new' one per say; it apparently is part of those approved in d Middle-term Borrowing Plan documentd already passed by d NA..

eko ileee:

Ode, we don't borrow money to embezzle and fund recurrent expenditure and our recurrent and capital expenditure are not upside down like your crooked masters.


The dumb clowns are making billions of dollars in oil profit and they are still borrowing left and right.

What responsible government budgets 82% recurrent expenditure and 18 capital expenditure? Are we even surprised they are borrowing everyday?

J12:

Your trolling is getting out of hand. Where in the article was it stated that the loans would used to fund recurrent expenditure?

jjcbuthot:

Ok tell us what GEJ and his cohorts will use the loan for...

jjcbuthot:

Ok tell us what GEJ and his cohorts will use the loan for...

“By 2007, the Yar’Adua-Jonathan government inherited vast foreign reserves ($43bn), on-going power projects (NIPP-$5bn), new rail systems, from Lagos to Kano ($8bn) and Abuja Metro ($800 million); an Excess Crude Account, ECA, ($27bn) – in short, a basis to hit the ground running, complete on-going projects, initiate new ones and continue addressing Nigeria’s infrastructure deficits. Alas, after $200bn had been earned and spent, that did not happen. What happened?” el-Rufai queried.

taharqa2: SHUT ya Hypocritic mouth tha, @OP. The State with by far d highest burden of Loans in d country is Lagos, and it is still borrowing. When the FG tried discouraging the Lagos state from borrowing $600m last yr, you and yr fellow Hypocritical clowns were shouting blue murder, asking d FG to approve it. So shut that trap you call yr mouth, and stop seeing everytin as an opportunity to do Propaganda- like you really cared about the Economy..... By d way, I dont think this loan is a 'new' one per say; it apparently is part of those approved in d Middle-term Borrowing Plan documentd already passed by d NA..

bigx: So in their Cabinet, there's nobody that has stolen $300 million that they can catch?

If they recover that no need to pay interests

PREMIUM TIMES learnt that the loan facility would be utilised for the development of the transport sector, including the completion of the East-West Road project in the Niger-Delta region as well as for the ongoing economic governance reform programme in the country.

lacasa: Nigeria's foreign debt currently tips at $6.7Billion, and theyy still going out to borrow again n again n again.


i pity the country our children, n children's children will inherit from us, if nigerians keep going the same way wt this kind of useless bunch in government

Nigeria’s debts ‘ll rise to N8.8trn by 2015 – DMO
on JUNE 5, 2013

The Debt Management Office, DMO, Tuesday, said Nigeria’s outstanding debt will rise to N8.809 trillion ($55.4 billion) by 2015.

According to a report by the DMO, this was contained in the country’s debt strategy for the next three years.

The DMO said the adoption of the debt plan would sustain development of the domestic debt market and provide external funding at preferred cost for capital projects.

The DMO had told the National Assembly that it plans to borrow N3.975 trillion ($25 billion) by 2015

Dr. Abraham Nwankwo, Director-General, DMO, disclosed this in his presentation on Nigeria’s overall debt profile and expected borrowing for 2013-2015 at a meeting with the House Joint Committee on Finance, Legislative Budget and Research, National Planning and Aid, Loans and Debt Management.