Exim Bank, Gurara Hydropower

Exim Bank, Gurara Hydropower

FEC approves $1bn EXIM Bank loan for Gurara Hydropower - Vanguard News

FEC approves $1bn EXIM Bank loan for Gurara Hydropower @vanguardngr.com #vanguardnews

5/15/2019

FEC approves $1bn EXIM Bank loan for Gurara Hydropower vanguardngr.com vanguardnews

THE Federal Executive Council, FEC on Wednesday approved $1 billion loan from Chinese EXIM Bank for the Gurara II Hydropower project.

“Council also approved N5.7 billion revised total estimated cost for the completion of Nkari dam in Akwa Ibom.

“Council also approved the revised estimated total cost of N10.4 billion for the completion of Ile Ife Dam in Osun State. The project was started in 2004 and abandoned. The completion period is 24 months.”

According to him, “We have a memo approved in council for purchase of grains to reinforce the grains reserve. Everywhere in the world Silos are owned by government into which they purchase grains at the end of harvest. The average is usually between two and three percent of all grains grown.

“Luckily, IITA has found a product which they produce in large quantities which they now send to Africa for treating the farms, the Silos and the sacks in which we put the grains to eliminate aflatoxin.

“We have pressure from some companies which operate in this country that we should allow them to import maize on the grounds that our maize are not of good quality and we said no you must buy local maize, because we are dealing with the challenge of after thought.

He said,” My ministry presented two memos. One was for the construction of an inter-change and pedestrian bridge at Abaji in Abuja for N7.197 billion to address the perennial problem of accidents in that place which was approved by council.

“The cost of those meters is N11.208 billion. It is to be funded from the judgement sum that I previously briefed you about two years ago that council approved a compromise from an old meter’s supply dispute since 2003.

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