The minister of finance is seeking approval for a loan.
The weekly meeting of the Executive Council of the Federation, FEC, holding on Wednesday will discuss a memo to be presented by the Minister of Finance and Coordination for the Economy, Ngozi Okonjo-Iweala, seeking the approval by members for Nigeria to take another $300 million (N47 billion) loan from the African Development Bank, ADB.
PREMIUM TIMES learnt that the loan facility would be utilised for the development of the transport sector, including the completion of the East-West Road project in the Niger-Delta region as well as for the ongoing economic governance reform programme in the country.
The federal government had already indicated its willingness to take loans to complete ongoing road projects.
The meeting is also expected to deliberate the on the Mid-term Report review and the First National Implementation Plan 2010 to 2013 of the Nigeria Vision 20:2020 Economic Transformation Blueprint to be presented by the Chairman, National Planning Commission, Shamsudeen Usman; who would also solicit members approval of Nigeria’s Presidency of the Leading Group on Innovative Financing for Development.
During the meeting, Minister of Agriculture and Rural Development, Akinwunmi Adesina is expected to present a memorandum to propose the ratification of President Goodluck Jonathan’s anticipatory approval of the draft National Fertiliser Bill 2013, while Minister of Women Affairs, Zainab Maina, would brief the Council on the outcome of the 57th session of the UN Commission on the Status of women at the UN Headquarters, held in New York in March 2013.
The Minister of Power, Chinedo Nebo, who would be briefing the Council on the progress and challenges facing his ministry, would also present a memorandum seeking the approval of the Council for the award of contract for the supply of Hitachi Generator Special tools to Jebba Hydro Electric PLC.
According to the draft agenda sighted by our reporter, the Minister of Niger Delta Affairs, Godsday Orubebe, is expected to also brief the Council on the achievements and challenges of his ministry.