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Tinubu shops for $3.45 billion loan to empower adolescent girls, others

The President Bola Tinubu-led administration has revealed it will ask the World Bank for $3.45bn loan, which is to be repaid over 40 years and having a 10-year moratorium.

Wale Edun, the minister of finance, claims the loans were interest-free but that the country would incur some fees.

According to him, the government would use the loan to improve Nigeria’s power situation, renewable energy, states’ resource mobilisation programme, adolescent girls’ initiative for learning and empowerment, and women’s empowerment project.

He said, “Today at the Federal Executive Council, I presented five memos, which were gracefully approved by the Council. They had to do with concessional and, in many cases, zero-interest financing by the World Bank and the International Development Association, which is the very concessional financing arm.

“The projects that were approved for funding were in the power sector and then the renewable energy sector. There was funding for states for resource mobilisation programmes to help them with their internally generated revenue efforts.

“There was a project for adolescent girls’ initiative for learning and empowerment. And then finally, the fifth financing that was approved was for the Women Project.”

Edun said the girls’ programme, which will equip young girls in secondary schools with marketable skills, will cost Nigeria $700m.

“So those were five loans totalling $3.45bn. And as you know, the tenure is all around 40 years, with a moratorium period of around 10 years and interest very low, or in the cases of either loans, zero interest. However, some fees would be incurred,” he said.

Dr Tahir Mamman, the Minister of Education, said the girls’ programme would increase from the initial seven participating states to 11 states.

Mamman said, “Initially, from seven participating states, we will now have about 11 additional states participating in this project, which will lead to the empowerment of girls between 10 and 20 (years old) right across the participating states.

“This is a very major escalation of this programme that is meant to empower our girls, our teachers, and the provision for additional schools in the country.”

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