{"id":66684,"date":"2019-05-16T05:32:44","date_gmt":"2019-05-16T04:32:44","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=66684"},"modified":"2019-05-16T05:32:44","modified_gmt":"2019-05-16T04:32:44","slug":"fec-approves-another-1bn-chinese-loan-for-gurara-hydropower-project","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/fec-approves-another-1bn-chinese-loan-for-gurara-hydropower-project\/","title":{"rendered":"FEC approves another $1bn Chinese loan for Gurara hydropower project"},"content":{"rendered":"
\n
The Federal Executive Council (FEC) meeting presided over by President<\/div>\n
\n
Muhammadu Buhari, on Wednesday approved $1 billion Chinese loan from
\nChinese EXIM Bank for the Gurara II Hydropower project which has the
\ncapacity to generate 360 megawatts electricity.<\/p>\n

Minister of Water Resources, Sulieman Adamu, said the approval was part
\nof the four memos the council approved for the ministry. The Debt
\nManagement Office said had last month disclosed that Nigeria\u2019s total
\ndebt profile as of December 31, 2018, now stands at N24.387 trillion.<\/p>\n

The figure swelled by 12.25 per cent from N21.725 trillion in 2017 to
\nN24.39 trillion in 2018. The debt rose by N2.66 trillion from December
\n31, 2017, to December 31, 2018, the Debt Management Office said.<\/p>\n

Statistics provided by DMO showed that the country\u2019s public debt rose
\nfrom N21.73 trillion in 2017 to N24.39 trillion within the one year
\nperiod.<\/p>\n

Council also approved the sum of N5.7 billion revised total estimated
\ncost for the completion of Nkari dam in Akwa Ibom. It also approved the
\nappointment of a consultant for the resuscitate of the Gari Irrigation
\nProject in Kano\/Jigawa States.<\/p>\n

Council had in 2017 approved for the resumption of the project which was
\nearlier abandoned for 17 years.<\/p>\n

The consultant is the same appointed in 1998 when the project first
\nbegan. Adamu said the contractors are already on site. Council also
\napproved the revised estimated total cost of N10.4 billion for the
\ncompletion of Ile Ife Dam in Osun State.<\/p>\n

The project which was started in 2004 and\u00a0 abandoned, has completion
\nperiod is 24 months.<\/p>\n<\/div>\n<\/div>\n

<\/div>\n<\/div>\n
<\/div>\n","protected":false},"excerpt":{"rendered":"

The Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari, on Wednesday approved $1 billion Chinese loan from Chinese EXIM Bank for the Gurara II Hydropower project which…<\/p>\n","protected":false},"author":1,"featured_media":59359,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-66684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nFEC approves another $1bn Chinese loan for Gurara hydropower project - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/fec-approves-another-1bn-chinese-loan-for-gurara-hydropower-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FEC approves another $1bn Chinese loan for Gurara hydropower project - 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