FEC approves $60m loan for Niger Delta Livelihood improvement project

The Federal Executive Council (FEC ) has approved $60 million loan for livelihood improvement family enterprise project in the Niger Delta.

Six states will start to benefit now. Three other states will join them in the phase two.

Minister of Finance Zainab Ahmed told reporters that “in addition to this approval of this Eurobond today, we also got approval for livelihood of family improvement project in Niger Delta. It is in the sum of $60 million that will be a combination of loans and grants.

“The projects will be implemented in the Niger Delta States of Abia, Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo and Rivers states.

“However, when we reviewed the project in the nine states, we found that six of the states met their own requirements and three did not. So, the three states (Akwa Ibom, Rivers and Imo states), will be assisted to enable them improve and join the team in 2019.” she said.

She said that N187 million was approved for 600 bullet proof vest and helmets for Nigeria Customs Service towards the fight against rice smuggling into the country.

On capital release for the 2018 budget, she said that N460 billion was released for capital budget about two weeks ago.

She said President Buhari had approved payment of the last tranche of Paris Club refund to the states.

But she noted that the approval came with some conditions.

She said: “Those conditions that Mr. President gave is that we must show that the states have used the previous refund for payment of salaries and they will use this one also for payment of salaries.”

On the balance for ex-staff of Nigeria Airways, she said: “The approval given for payment of entitlements to the ex-staff of Nigeria Airways was N45 billion and because of paucity of funds, Mr. President gave approval for the payment of 50 per cent of N22.6 billion. We hope in 2019, to pay the balance.”