The Federal Executive Council has approved the request to obtain a loan of $150m from the African Development Bank to finance the Nigerian Electrification Project. She said an additional $50m loan facility from the African Grow Together Fund was also approved for the execution of the electrification project. “First, it approved $150m loan facility from African Development Bank and $50m loan from African Grow Together Fund to finance the Nigeria electrification project. “The project is being undertaken by Lagos State agency, LAMATA, under its own strategy. “Our assessment is that Lagos state has the capacity to repay the loan,’’ she said.

Source: Punch April 17, 2019 19:52 UTC