Economy

FEC approves another $1bn Chinese loan for Gurara hydropower project

The Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari, on Wednesday approved $1 billion Chinese loan from Chinese EXIM Bank for the Gurara II Hydropower project which has the capacity to generate 360 megawatts electricity.

Minister of Water Resources, Sulieman Adamu, said the approval was part of the four memos the council approved for the ministry.

The Debt Management Office had last month disclosed that Nigeria’s total debt profile as at December 31, 2018, stood at N24.387 trillion.

The figure swelled by 12.25 percent from N21.725 trillion in 2017 to N24.39 trillion in 2018.

The debt rose by N2.66 trillion from December 31, 2017, to December 31, 2018, the Debt Management Office said.

Statistics provided by DMO showed that the country’s public debt rose from N21.73 trillion in 2017 to N24.39 trillion within the one year period.

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

It also approved the appointment of a consultant for the resuscitation of the Gari Irrigation Project in Kano/Jigawa states. Council had in 2017 approved for the resumption of the project which was earlier abandoned for 17 years. The consultant is the same appointed in 1998 when the project first began. Adamu said the contractors were already on site.

Council also approved the revised estimated total cost of N10.4 billion for the completion of Ile Ife Dam in Osun State.

The project which was started in 2004 and abandoned, has a completion period of 24 months.

-Sun

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