Jonathan, ministers may approve fresh N47bn loan Wednesday

Finance Minister, Ngozi Okonjo-Iweala

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.


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  • Dr Pat Kolawole Awosan

    Dr Ngozi Okonjo Iweala tenure as finance minister and leader of economic team will be remembered and referenced as the dark economic mismanagement and free-worst-corruption-ridden ever,in the annals of governance in the history of Nigeria.
    This brought to the fore right now the role of Dr Ngozi Okonjo-Iweala in the paid off and elimination of foreign loans under president Olusegun Obasanjo former government.Because,as a Nigerian i had commended her efforts then as the force behind the liquidation of the huge foreign loans by Chief Olusegun Obasanjo government.

    But Dr Okonjo-Iweala present active constant roles in president Jonathan several attempts to borrow and expand further the scope of foreign loans application requests by president Jonathan/Dr Okonjo-Iweala combine attempts at widening Nigeria external debts portfolio have exposed her as it could now be confirmed that Dr Okonjo_Iweala made huge personal monetary-gain-payments from both Paris and London financial club houses before former Nigerian foreign debts then were written/paid off as it now could be described as criminal conspiracy present attempts by president Jonathan,Dr Okonjo-Iweala and their cabal corrupt gangsters in the present non performing imprudent,looting of Nigerian national resources regime.

    • Dexy

      It seems some people are in the habit of just dropping empty allegation not backed up with hard facts. This is rather unfortunate. @21a504a5c3d7092226629290f4a672de:disqus you need to stop throwing empty allegation all over the place. that can take you nowhere except the league of noise makers.

  • Dr Pat Kolawole Awosan

    @Dexy:If you are an ethnic/tribal bigot you can continue to strive to protect your sister Dr Okonjo Iweala for her poor handling of Nigerian economy and detrimental economic policies as well as further borrowing of foreign loans in Nigeria’s name so as for our children and grand children to pick up the payment of the foreign debts later.Dr Okonjo Iweala is implementing IMF/WB economic austerity measure symptoms that is deepening impoverishment in the life of average Nigerians.