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

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PostSubject: FG approves $403m loans for Lagos, Rivers, Ogun, Osun   2015-02-26, 06:32

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.
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