Gas Pipeline: Federal Government Approves $2.571bn Loan Facility - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
March 5, 2020
The Federal Government has approvedthe issuance of 2.571 billion dollars loan facility classified as a sovereignguarantee to fund what it described as engineering procurement andconstruction, EPC contract for the Ajaokuta-Kaduna-Kano gas pipeline project.
The Minister of Finance, Budget andNational Planning, Zainab Ahmed stated this while briefing journalists at theend of the Federal Executive Council, FEC meeting in the State House, Abuja.
Zainab explained that the approvalis sequel to the presentation she jointly made with the Minister of State forPetroleum Resources, Timipre Sylva, which sought the council’s approval for thefacility said to have been earlier approved by FEC in 2017.
According to her, yesterday’sapproval was a revised lower cost of the facility with 10 per cent discountfrom the initial sum of 2.89 billion dollars approved in 2017 by FEC.
She noted that only 15 per cent ofthe sum would be paid by the Nigerian National Petroleum Corporation, NNPCwhile the balance of 85 per cent would be footed by a Chinese company, ChinaShure.