Lagos – Abidjan road: FEC approves $1.5m AfDB loan

Posted by Grand News | 25 October 2018 | 969 times

Minister of Finance, Zainab Ahmed.

The Federal Executive Council (FEC) on Wednesday approved $1.5 million loan from the African Development Bank (AfDB) for the Lagos-Abidjan road project.

The approval was granted at the FEC meeting presided over by President Muhammadu Buhari at the Presidential  Villa, Abuja.

Finance Minister, Zainab Ahmed, who disclosed this while briefing State House reporters at the end of the FEC meeting, said the whole project would cost $13.5m.

She said the project, which she described as a multinational highway project, involves Nigeria, Benin Republic, Côte d’Ivoire, Ghana and Togo.

“The AfDB has approved $13.5m for the whole project. The money has been distributed to the participating countries. The council has accepted the facility for the project to commence,” she said.

Similarly, the  Minister of Works, Power and Housing, Babatunde Raji Fashola, said the council has also approved N63.023bn for the Lagos-Badagry-Seme border road.

He said the contract involves the rehabilitation and reconstruction of some sections of the 46km road.

Fashola also disclosed that the council approved contract for the construction of Gwarzo-Karaye road in Kano State at the cost of N1.029bn.

Daily Trust

Source: Grand News

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