Nigeria okays N3.4trn promissory note to offset local debts, salaries

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ABUJA — THE Federal Executive Council, FEC, yesterday, approved the establishment of a Promissory Note Programme worth N3.4trillion for the settlement of inherited local debts and contractual obligations of the Federal Government.

Minister of Finance, Zainab Ahmed, disclosed this while briefing State House correspondents at the end of the weekly FEC presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja. She said: “Today (yesterday), at FEC, I presented a memo seeking the approval of council for additional financing, the sum of $6.8 million sought as a loan from AfDB to finance inclusive basic service delivery and livelihood empowerment integrated programme for the rebuilding of the North-East.

“There was a previous facility which included coverage of Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe states, and some specific institutions were beneficiaries. But there is a Federal Science and Technology College in Lassa, Borno State that was one of the beneficiaries. But because of insurgency, it suffered severely. It could not be carried out because of the activities of insurgents.

“Now, what we are trying to do is to go back to the projects, to this particular institution to make sure we are able to rehabilitate the institution and also undertake a complete skill, training and educational project that will mitigate against the challenges that the institution has had. The facility is a concessionary loan. “It has an interest rate of one per cent and it is payable over a 30-year period and it has five years moratorium.”

Also at the briefing, Minister of Budget and National Planning, Senator Udoma Udo Udoma said “One of the projects approved by FEC is the N-Power knowledge Multitrack Youths Empowerment Programme. Now, this programme targets 12,000 young Nigerians between the ages of 18-25 years. It is meant to give them trainings as well as devices.

“It will deliver to each of the 12,000 young Nigerians informed trainings which will enable beneficiaries build and imbibe technical proficiency such as assembling, repairs, maintenance as well as technology skills and digital literacy across a wide range of electronic brands, products and technology which can be grouped into three areas namely, mobile devices, computing devices and commonly used electronic devices.”

“It’s a programme that is open to all unemployed youths across the six geopolitical zones irrespective of the socio-economic or educational background. It has a great to engage and train 12,000 youths across the six geopolitical zones of the country. “The contract for this was awarded to Messrs Softcam Limited working with the officials of Social Investment Programme.

It is a nine month duration. It will cost N259,000 per youth for the training and N207,000 for the work tools, the kits, the equipment. The total sum of the ecology projects was N15.3 billion. On his own, the Minister of State for Power, Works and Housing, Mustapha Shehuri said the council approved N6.17 billion for augmentation of the contract for the construction of Ikot Ekpene border in Akwa Ibom State, Aba-Owerri Road, Section 1, Phase 1.

Shehuri, said that the contract was awarded in 2012, but the augmentation had to come following some observations by the contractor.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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