FEDERAL EXECUTIVE COUNCIL APPROVES 100 MILLION DOLLARS LOAN FOR POWER IN 3 STATES.

The Federal Executive Council has approved a loan of 100 million dollars (about N15.7 billion) from Indian Import Export Bank to boost power supply in three states. Dr Yerima Ngama, the Minister of State for Finance, who disclosed this  after the council meeting presided over by Vice President Namadi Sambo, said that the loan, to be taken by the Federal Government, would be lent to Cross Rivers, Enugu and Kaduna states. Specifically, Ngama said that 30 million dollars (about N465 million) would be given to Cross-Rivers state for the development of the Calabar independent Power Project; Enugu State government would get 40 million dollars (about N620 million) for the electrification of 96 communities, while another 30 million dollars will be given to the Kaduna State government to augment the resources needed for the construction of the 70 Km transmission line from the Gurara Dam to Kaduna industrial area.