The Federal Executive Council, FEC has approved the establishment of a Promissory Note Program worth N3.4trillion for the settlement of inherited local debts and contractual obligations of the Federal Government.
Minister of Finance, Zainab Ahmed, disclosed this while briefing State House correspondents at the end of the weekly FEC presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.
She said: “Today at FEC, I presented a memo seeking the approval of council for additional financing, the sum of $6.8 million sought as a loan from AfDB to finance inclusive basic service delivery and livelihood empowerment integrated program for the rebuilding of the North-East. “There was a previous facility which included coverage of Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe states, and some specific institutions were beneficiaries. But there is a Federal Science and Technology College in Lassa, Borno State that was one of the beneficiaries. But because of insurgency, it suffered severely. It could not be carried out because of the activities of insurgents. “Now, what we are trying to do is to go back to the projects, to this particular institution to make sure we are able to rehabilitate the institution and also undertake a complete skill, training and educational project that will mitigate against the challenges that the institution has had.
The facility is a concessionary loan. “It has an interest rate of one per cent and it is payable over a 30-year period and it has five years’ moratorium.” Also at the briefing, Minister of Budget and National Planning, Senator Udoma Udo Udoma said “One of the projects approved by FEC is the N-Power Knowledge Multitrack Youths Empowerment Program.
Now, this program targets 12,000 young Nigerians
between the ages of 18-25 years. It is meant to give them trainings as well as
devices. “It will deliver to each of the 12,000 young Nigerians informed
trainings which will enable beneficiaries build and imbibe technical
proficiency such as assembling, repairs, maintenance as well as technology
skills and digital literacy across a wide range of electronic brands, products
and technology which can be grouped into three areas namely, mobile devices,
computing devices and commonly used electronic devices.” “It’s a program that
is open to all unemployed youths across the six geopolitical zones irrespective
of the socio-economic or educational background. It has a great to engage and
train 12,000 youths across the six geopolitical zones of the country. “The contract
for this was awarded to Messrs Softcam Limited working with the officials of
Social Investment Programme. It is a nine-month duration. It will cost N259,000
per youth for the training and N207,000 for the work tools, the kits, the
equipment. The total sum of the ecology projects was N15.3 billion. On his own,
the Minister of State for Power, Works and Housing, Mustapha Shehuri said the
council approved N6.17 billion for augmentation of the contract for the
construction of Ikot Ekpene border in Akwa Ibom State, Aba-Owerri Road, Section
1, Phase 1. Shehuri, said that the contract was awarded in 2012, but the
augmentation had to come following some observations by the contractor.