The Federal Executive Council has given its nod to a $3.45 billion loan application to finance five key projects aimed at bolstering various sectors in Nigeria. These projects include initiatives in the power sector, renewable energy, states’ resource mobilization programs, an adolescent girls' learning and empowerment initiative, and a women's empowerment project.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared that the funds would be sourced through the World Bank and the International Development Association, offering concessional and even zero-interest financing. The loan has a generous repayment plan, with a 40-year tenure and a 10-year moratorium, making repayments commencing from 2033.
A substantial portion of the loan, $700 million, has been allocated to the adolescent girls' initiative, aiming to provide valuable skills and knowledge to young girls of secondary school age. Dr. Tahir Mamman, the Minister of Education, disclosed the expansion of the program from seven to 11 states, which will empower girls aged 10 to 20. This project aligns with the government's goals to reduce the number of out-of-school girls and children nationwide.
Additionally, the Federal Executive Council approved the establishment of the Humanitarian and Poverty Alleviation Fund, which aims to raise $5 billion annually to address humanitarian crises by drawing contributions from government, development partners, the private sector, and individuals
