Nigeria approved borrowing of $945 million from the International Development Association, an arm of the World Bank, for irrigation and drainage projects, Minister of State for Finance, Bashir Yuguda said.
The borrowing consists of:
$495 million for irrigation projects in states including Kano, Sokoto and Zamfara;
$250 million for urban water projects in Bauchi, Ekiti and Rivers states;
$200 million to improve drainage in Ibadan, Nigeria’s third-biggest city.
The loan, repayable in 20 years, comes at an interest rate of 1.25 percent and a service cost of 0.75 percent.
$945 million loan, 3 months to elections? God bless Nigeria.
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