The Federal Executive Council has approved a memo from the Ministry of Finance to secure a loan of $6.8 million from the African Development Bank .
The loan, according to the Minister of Finance, Zainab Ahmed, is to finance “inclusive basic service delivery and livelihood empowerment integrated programme for the rebuilding of the North-east”. Mrs Ahmed, who addressed journalists at the end of the meeting of FEC Wednesday, chaired by President Muhammadu Buhari said there was a previous facility which was used to cover Adamawa, Bauchi, Borno, Gombe, Taraba, and Yobe States.The minister said a federal science and technology college in Lassa, Borno State, which was one of the beneficiaries could not benefit “because of the insurgency”.
She also said the loan is a concessionary one with an interest rate of one per cent and payable over 30 years, with five years moratorium.
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