FG approves $403m loans for Lagos, Rivers, Ogun, Osun

Vice-President Namadi Sambo
The Federal Executive Council on Wednesday approved the request of Lagos, Rivers, Ogun and Osun states to obtain foreign loans totalling about $403m, among other approvals.

It also approved a $1.2bn multi-donor credit for the establishment of the proposed Development Bank of Nigeria.

Other foreign loans totalling $295m were approved for developmental projects across the country.

The different foreign facilities were approved at a meeting of the council presided over by Vice President Namadi Sambo.

President Goodluck Jonathan was absent at the meeting because he travelled to Sokoto where he attended the 90th birthday of former President Shehu Shagari.

The Minister of Aviation, Mr. Osita Chidoka; Minister of State for Finance, Ambassador Bashir Yuguda; Minister of Water Resources, Mrs. Sarah Ochekpe; and Minister of Education, Mallam Ibrahim Shekarau, briefed State House correspondents at the end of the meeting.

Yuguda said the fact that most of the loans guaranteed by the Federal Government were for states being governed by the All Progressives Congress further confirmed Jonathan’s position that he was the President of all Nigerians.

He said the President had made a distinction between governance and politics, and would not trivialise his office for any reason.

According to the minister, the council approved the request for a $100m credit from the French Development Agency in support of the Lagos Integrated Urban Development Project (Eko-UP).

“The facility is meant to improve living conditions of the most vulnerable urban population of metropolitan Lagos, improve the management and treatment of solid waste, strengthen the capacity of Lagos State and implement urban development projects in Lagos State,” he explained.

Yuguda gave the repayment period of the loan as 20 years, including seven years moratorium as well as commitment fee of 0.25 per cent of the total per annum and an appraisal fee of 0.25 per cent.

The project has three major components: slum upgrading in Ifelodun and Bariga Local Council Development Areas by the Lagos State Urban Renewal Authority; construction of solid waste management facilities by the Lagos State Waste Management Authority; and provision of capacity building and technical assistance for LASURA, LAWMA, the Project Management Unit and the two LCDAs.

For Rivers State, Yuguda said the council gave approval for the $200m African Development Bank’s credit facility for the proposed Port Harcourt water supply and sanitation project as well as an African Development Fund credit of $5m to support the Urban Water Sector Reform Project.

Yuguda said the credit facility would be secured from ADB with a repayment period of 15 years and five years moratorium, adding that the interest was enhanced variable spread loan, with lending spread of 0.60 per cent per annum, translating to 1.56 per cent.

For the ADF, he said the principal would be repaid over a period of 22 years, with eight years grace period and interest rate of one per cent per annum.

According to the minister, the council also approved a $33.174m credit from the French Development Agency in support of the Ogun State Water Supply Project.

He said the facility would be secured from the FDA on blend terms, with an interest rate of six months Libor plus margin; repayment period of 20 years, including seven years moratorium; commitment fee of 0.25 per cent per annum and an appraisal fee of 0.25 per cent.

Yuguda explained that the credit would be on-lend to Ogun State on the same terms and conditions offered by the FDA to the Federal Government.

For Osun State, he said the council approved an Islamic Development Bank’s loan of $65m for financing water supply and sanitation projects in the state, adding that the loan would be repaid over 15 years, gestation period of four years and mark-up Libor + 155bps or to 1.5 per cent per annum.

On the $1.280bn for the establishment of the proposed Development Bank of Nigeria, the minister said the loan would come from the International Bank for Reconstruction and Development, World Bank, Africa Development Bank as well as the Germany and French Development Agencies in the sums of $500m, $450m, $200m and $130m, respectively.

He said the proposed bank would give credit facilities to micro, small and medium enterprises in the country.

Source:

http://www.punchng.com/business/business-economy/fg-approves-403m-loans-for-lagos-rivers-ogun-osun/

Hmmmmm all dis loan ehn!! There is God o

HMMM

5 DEFINITIONS OF STUPIDITY.
Stupidity is When:
1) You Earn less than #30,000 as a graduate and
still chant "Gej 4 2015".
2)You charge your phone with
a generator and come online to type #GEJ 4
2015".
3)You purchase fuel at #87 per litre and refuse
to ackwledge the fact that you have been
cheated "Gej 4 2015".
4)You import Goods from abroad at #209 per
dollar instead of #159 per dollar yet you are a
Gejite.
5)You support a man who can't refund or give
account of missing $20BN.
"THAT IS STUPIDITY"
"THERE IS NO LICENCE FOR NONSENSE".
#VOTE_GMB_4_2015.
#March4Buhari.

tolextony:
5 DEFINITIONS OF STUPIDITY.
Stupidity is When:
1) You Earn less than #30,000 as a graduate and
still chant "Gej 4 2015".
2)You charge your phone with
a generator and come online to type #GEJ 4
2015".
3)You purchase fuel at #87 per litre and refuse
to ackwledge the fact that you have been
cheated "Gej 4 2015".
4)You import Goods from abroad at #209 per
dollar instead of #159 per dollar yet you are a
Gejite.
5)You support a man who can't refund or give
account of missing $20BN.
"THAT IS STUPIDITY"
"THERE IS NO LICENCE FOR NONSENSE".
#VOTE_GMB_4_2015.
#March4Buhari.

Then you are the smart one?

WHO IS FOOLING WHO ??

STUPIDITY is when you go to London to campaign for people without PVC.

MUMU is when you go to London and failed to come back with the acclaimed Cambridge certificate.

MUGU is when you did not go to school and forged a certificate and come online to say Sai Buhari.

FOOLISHNESS is when you have been shouting "Up NEPA!!!'' since you were born but expects GEJ to become a magician within 4 years.

AKPOS is when you read day and night to get a certificate and still want a semi-illiterate to rule you.

419 is when Buhari said he borrowed 27 million naira for presidential form but Buhari's wife donate drugs worth 135 million naira to displaced persons in Yola.

DON'T BE DECEIVED!!! THINK TWICE BEFORE
YOU VOTE.

GEJ is the MAN

In all honesty Gej is a good man.....obasanjo will never do this

Absolute rubbish

Where is Akpabio?... The man is been very silent lately..
Anyway, Change is coming
Sai baba

[s]

Trut:
WHO IS FOOLING WHO ??

STUPIDITY is when you go to London to campaign for people without PVC.

MUMU is when you go to London and failed to come back with the acclaimed Cambridge certificate.

MUGU is when you did not go to school and forged a certificate and come online to say Sai Buhari.

FOOLISHNESS is when you have been shouting "Up NEPA!!!'' since you were born but expects GEJ to become a magician within 4 years.

AKPOS is when you read day and night to get a certificate and still want a semi-illiterate to rule you.

419 is when Buhari said he borrowed 27 million naira for presidential form but Buhari's wife donate drugs worth 135 million naira to displaced persons in Yola.

DON'T BE DECEIVED!!! THINK TWICE BEFORE
YOU VOTE.

GEJ is the MAN

[/s]

Hmmmmmm! I guess they need the money to pay up pa buharie medical expenses.

The successor will inherit heavy debt.
The incoming Govt will go and borrow more loan to make up with the federal and IGR thereby taking more loan.

Jonathan is....

emekaxy:
FG approves $403m loans for Lagos, Rivers, Ogun, Osun

Vice-President Namadi Sambo
The Federal Executive Council on Wednesday approved the request of Lagos, Rivers, Ogun and Osun states to obtain foreign loans totalling about $403m, among other approvals.

It also approved a $1.2bn multi-donor credit for the establishment of the proposed Development Bank of Nigeria.

Other foreign loans totalling $295m were approved for developmental projects across the country.

The different foreign facilities were approved at a meeting of the council presided over by Vice President Namadi Sambo.

President Goodluck Jonathan was absent at the meeting because he travelled to Sokoto where he attended the 90th birthday of former President Shehu Shagari.

The Minister of Aviation, Mr. Osita Chidoka; Minister of State for Finance, Ambassador Bashir Yuguda; Minister of Water Resources, Mrs. Sarah Ochekpe; and Minister of Education, Mallam Ibrahim Shekarau, briefed State House correspondents at the end of the meeting.

Yuguda said the fact that most of the loans guaranteed by the Federal Government were for states being governed by the All Progressives Congress further confirmed Jonathan’s position that he was the President of all Nigerians.

He said the President had made a distinction between governance and politics, and would not trivialise his office for any reason.

According to the minister, the council approved the request for a $100m credit from the French Development Agency in support of the Lagos Integrated Urban Development Project (Eko-UP).

“The facility is meant to improve living conditions of the most vulnerable urban population of metropolitan Lagos, improve the management and treatment of solid waste, strengthen the capacity of Lagos State and implement urban development projects in Lagos State,” he explained.

Yuguda gave the repayment period of the loan as 20 years, including seven years moratorium as well as commitment fee of 0.25 per cent of the total per annum and an appraisal fee of 0.25 per cent.

The project has three major components: slum upgrading in Ifelodun and Bariga Local Council Development Areas by the Lagos State Urban Renewal Authority; construction of solid waste management facilities by the Lagos State Waste Management Authority; and provision of capacity building and technical assistance for LASURA, LAWMA, the Project Management Unit and the two LCDAs.

For Rivers State, Yuguda said the council gave approval for the $200m African Development Bank’s credit facility for the proposed Port Harcourt water supply and sanitation project as well as an African Development Fund credit of $5m to support the Urban Water Sector Reform Project.

Yuguda said the credit facility would be secured from ADB with a repayment period of 15 years and five years moratorium, adding that the interest was enhanced variable spread loan, with lending spread of 0.60 per cent per annum, translating to 1.56 per cent.

For the ADF, he said the principal would be repaid over a period of 22 years, with eight years grace period and interest rate of one per cent per annum.

According to the minister, the council also approved a $33.174m credit from the French Development Agency in support of the Ogun State Water Supply Project.

He said the facility would be secured from the FDA on blend terms, with an interest rate of six months Libor plus margin; repayment period of 20 years, including seven years moratorium; commitment fee of 0.25 per cent per annum and an appraisal fee of 0.25 per cent.

Yuguda explained that the credit would be on-lend to Ogun State on the same terms and conditions offered by the FDA to the Federal Government.

For Osun State, he said the council approved an Islamic Development Bank’s loan of $65m for financing water supply and sanitation projects in the state, adding that the loan would be repaid over 15 years, gestation period of four years and mark-up Libor + 155bps or to 1.5 per cent per annum.

On the $1.280bn for the establishment of the proposed Development Bank of Nigeria, the minister said the loan would come from the International Bank for Reconstruction and Development, World Bank, Africa Development Bank as well as the Germany and French Development Agencies in the sums of $500m, $450m, $200m and $130m, respectively.

He said the proposed bank would give credit facilities to micro, small and medium enterprises in the country.

Source:

http://www.punchng.com/business/business-economy/fg-approves-403m-loans-for-lagos-rivers-ogun-osun/

Tomorrow, Aregbesola, Amaechi and Fashola would open their bucca-cavity to abuse the president and peddle falsehood of Jonathan denying APC states of their entitlements. Bunch of irresponsible adults.

I hope the monies will not be available till after the election.

Trut:
WHO IS FOOLING WHO ??
STUPIDITY is when you go to London to campaign for people without PVC.
MUMU is when you go to London and failed to come back with the acclaimed Cambridge certificate.
MUGU is when you did not go to school and forged a certificate and come online to say Sai Buhari.
FOOLISHNESS is when you have been shouting "Up NEPA!!!'' since you were born but expects GEJ to become a magician within 4 years.
AKPOS is when you read day and night to get a certificate and still want a semi-illiterate to rule you.
419 is when Buhari said he borrowed 27 million naira for presidential form but Buhari's wife donate drugs worth 135 million naira to displaced persons in Yola.
DON'T BE DECEIVED!!! THINK TWICE BEFORE
YOU VOTE.
GEJ is the MAN

Nitwit is when you or your neigbour participate in Immigration Scam and yet still shout GEJ till ..........................

Amaechi can now shut up.

Why waste ur mb to check this shit.
. Click my signature to start making $500 daily , without spending a kobo, register to get ur free website , send ur brothers, sisters, friends and church members to join you.
They will also get their free website to start making money and fight jobless.
It is absolutely free, you have nothing to loose. An investment free opportunity, try it and pass testimony to others. Click my signature to get access now!

God bless pres.Goodluck jonathan.

He would have block the loan,since next month is election but the president is a democratic.


God bless GEJ....if i dont vote for Gej make i know wetin cause am

our money
[img]http://3.bp..com/-P7uN07bpGbY/VPAxbGY499I/AAAAAAAABUU/d4gY2pE8YT4/s1600/namy.jpg[/img]

salivating

[img]http://3.bp..com/-E3W9n3JXpoM/VPBM4CNR0EI/AAAAAAAABU8/5S83mrwCQyU/s1600/yinks.jpg[/img]

Lagos is collecting loans?

what happened to the toll fee we pay everyday?

more grease to buhari campaign


later fashola and amaechi will blame all their failures om GEJ

useless people

.

Trut:
[s]WHO IS FOOLING WHO ??

STUPIDITY is when you go to London to campaign for people without PVC.

MUMU is when you go to London and failed to come back with the acclaimed Cambridge certificate.

MUGU is when you did not go to school and forged a certificate and come online to say Sai Buhari.

FOOLISHNESS is when you have been shouting "Up NEPA!!!'' since you were born but expects GEJ to become a magician within 4 years.

AKPOS is when you read day and night to get a certificate and still want a semi-illiterate to rule you.

419 is when Buhari said he borrowed 27 million naira for presidential form but Buhari's wife donate drugs worth 135 million naira to displaced persons in Yola.

DON'T BE DECEIVED!!! THINK TWICE BEFORE
YOU VOTE.

GEJ is the MAN[/s]

Rubbish

Lies