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FEC approves $2.9bn Eurobond for capital projects

Finance minister wants speedy delivery of tax appeal cases
Mrs. Zainab Shamsuna Ahmed, Nigeria's Minister of Finance.

The Federal Executive Council (FEC) has approved $2.9billion Eurobond being part of the external borrowing plan to finance capital projects across the country.

The approval was granted at Wednesday’s FEC meeting presided over by President Muhammadu Buhari at the Council Chambers of the State House in Abuja.

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Minister of Finance, Zainab Ahmed, who stated this while briefing State House Correspondents at the end of the meeting, said the loan has been captured in this year’s Appropriation Act.

She also said $82.4million has been approved to meet the shortfall in previous Eurobond and that another $60million combination of loan and grant has been approved for empowerment programme in Niger Delta area of the country.

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She also said the council has approved N187.4million for the purchase of 600 bulletproof vests for the Nigeria Customs Service (NCS) to fight illegal importation of rice. She said the contract has eight months delivery period.

The Minister said so far N460billion has been released for this year’s capital projects.

 

Details later…


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