FEC approves $945m loan for flood prevention, water

The Federal Executive Council on Wednesday approved three foreign loans totaling $945million meant to improve irrigation system, prevent flooding in Ibadan, Oyo State and provide water for Bauchi, Ekiti and Rivers States.

The council also approved four different road projects totaling N22 billion at its meeting presided over by Vice President Namadi Sambo.

President Goodluck Jonathan was at the time in Burkina Fasso on a peace mission alongside two other African leaders.

Ministers who briefed State House correspondents at the end of the meeting were Taminu Turaki (Special Duties); Bashir Yuguda (State, Finance); Sarah Ochekpe (Water Resources); Akinwunmi Adesina (Agriculture and Rural Development); and Stephen Oru (Niger Delta Affairs).

Yuguda said the first of the five memoranda presented to the council by his ministry for approval was the one on the International Development Association’s credit of $495million for proposed irrigation management.

The minister also disclosed that the council approved another $250million for the proposed third national urban water sector reform project.

About one million Nigerians are to benefit from the project in the three states.
He explained that the Federal Government would take the facility and then lend it to Bauchi, Ekiti and Rivers States.