Federal Government Approves $3.45 Billion Loan for Five Key Projects

In a significant move to advance key sectors, the Federal Government has greenlit a $3.45 billion loan, primarily focused on powering the nation’s industries, renewable energy, empowering girls’ education, women’s initiatives, and state resource mobilization. This funding, with a 10-year moratorium and payments commencing in 2033, opens avenues for growth and development.
Wale Edun, Minister of Finance, highlighted that the approved projects cover vital areas like power and renewable energy sectors. Additionally, funding for states’ resource mobilization programs aims to boost their internally generated revenue efforts. Another vital aspect is the adolescent girls’ initiative, designed to empower young girls with practical skills alongside their academic pursuits.
The $700 million girls’ program is set to provide essential skills for secondary school girls, enhancing their marketability. Tahir Mamman, Minister of Education, shared that the initiative, initially in seven states, has now expanded to include 11 more. This expansion is a major step towards empowering girls aged 10 to 20 across these states, strengthening education and providing support for additional schools.
In tandem with these projects, the Federal Executive Council has given the nod to establish the Humanitarian and Poverty Alleviation Fund. With a target of raising $5 billion annually, this fund will draw contributions from various sources including the government, private sector, development partners, individuals, and more. This flexible financing mechanism will enable the government to respond swiftly to humanitarian crises.
Furthermore, the Federal Government has adopted a draft policy for the Nigeria Solid Minerals industry. This comprehensive policy covers operations, rules, regulatory framework, and sector dynamics. Dele Alake, Minister of Solid Minerals Development, emphasized the importance of leveraging technology to secure the nation’s mining areas and tackle illegal foreign miners who contribute to illicit activities.
This collective effort showcases the government’s commitment to driving growth across key sectors, providing opportunities and resources for businesses, education, and poverty alleviation initiatives. These initiatives align with a broader vision for a prosperous and empowered Nigeria.