FEC green lights $2.9bn Eurobond for capital projects

FEC green lights $2.9bn Eurobond for capital projects

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

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

Minister of Finance, Zainab Ahmed, made this known while briefing State House Correspondents at the end of the meeting.

She noted that 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.

Ahmed further stated that the council has approved N187.4million for the purchase of 600 bulletproof vests for the Nigeria Customs Service 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.