The Federal Executive Council has approved the request to obtain a loan of $150m from the African Development Bank to finance the Nigerian Electrification Project.
The Minister of Finance, Zainab Ahmed, disclosed this at the end of the meeting of the Council which was presided over by President Muhammadu Buhari at the State House, Abuja, on Wednesday.
She said an additional $50m loan facility from the African Grow Together Fund was also approved for the execution of the electrification project.
According to her, the project which is a nationwide initiative, has four components and will be implemented by the Rural Electrification Agency.
News Source: https://punchng.com/fec-approves-200m-loan-to-finance-electrification-project/