FG To Obtain $124.2 Million Loan For Water Projects

The Federal Government is on a move to get a load to be put into Water Projects in the country.

Approval has already been given by the Federal Executive Council for the collection of $104.2m and $20m loans from two international financial institutions for the development of water projects in Nigeria.

The Federal Ministry of Water Resources mentioned that the loans would come from the African Development Bank and the African Growing Together Fund.

Spokesperson for the ministry, Kenechukwu Offie, made this known in a statement issued on Thursday in Abuja. She said the loans would be deployed to the projects to ensure sustainable water supply.

She further stated:

“The Federal Executive Council at its meeting of November 4, 2020, approved to obtain loans of $104.2m from African Development Bank and $20m from African Growing Together Fund to finance Nigerian Urban Water Reform and Akure Water and Sanitation Project.

“The project aims to provide sustainable access to safe drinking water for the residents of Akure city and its environs.”

In addition, the statement noted that the Federal Executive Council at its recent meeting of November 4, 2020 also approved the award of contract for the completion of the Ota Water Supply Scheme in Ogun State.

It said the approval was in favour of Messrs Naston Engineering Nig. Ltd in the sum of N3,937,494,634.83 inclusive of 7.5 per cent Value Added Tax with a completion period of 24 months. Follow us on Instagram @sofovilla | Follow us on Twitter @sofovilla | Like our page on Facebook via @sofovillamedia