Govt yet to decide on size of World Bank loan – FEC


Oscarline Onwuemenyi
17 February 2017, Sweetcrude, Abuja – The Federal Government has said it is yet to decide on the size of the loan it wants to apply for at the World Bank to fund 2017 budget deficit.

The Minister of Budget and National Planning, Udoma Udo Udoma, told State House Correspondents yesterday after the weekly Federal Executive Council (FEC) meeting presided over by the Acting President, Yemi Osinbajo, that the figure will depend on the (2017) budget approved by the National Assembly.

Udo Udoma said yesterday’s council meeting focused mainly on the National Economic Growth Plans (NEGP) that will be launched by the president soon.

According to him, the plan is almost ready but was only being fine-tuned while last-minute consultations are to be made with organised labour. The goals of the plan, Udoma said are to ensure low inflation; diversified growth; improve business environment and attract investment; create jobs and improve social inclusion.

Meanwhile, the FEC also approved N126 billion for the reconstruction and rehabilitation of 12 federal roads across the country.

Minister of Power, Works and Housing, Mr. Babatunde Fashola, disclosed that the 12 roads cut across Enugu, Bauchi, Borno, Adamawa, Kwara, Gombe, Yola, and Kaduna states.

He said the amount would restore confidence in the construction sector, as contractors that had been owed are returning to site, money are being spent on construction items, jobs created and the economy is bouncing back.

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