The Federal Government on Wednesday approved President Goodluck Jonathan’s anticipatory approval of different foreign loans totaling about $403million for Lagos, Rivers, Ogun and Osun States among others.
It also approved a $1.2bn multi-donor credits for the establishment of the proposed Development Bank of Nigeria.
Another $295m foreign loans were approved for other developmental projects across the country.
The different foreign facilities were approved at a meeting of the Federal Executive Council presided over by Vice President Namadi Sambo.
Jonathan was absent at the meeting because he traveled to Sokoto where he attended the 90th birthday of former President Shehu Shagari.
Minister of Aviation, Mr. Osita Chidoka; Minister of State, Finance, Ambassador Bashir Yuguda; Minister of Water Resources, Mrs. Sarah Ochekpe; and the Minister of Education, Mallam Ibrahim Shekarau, briefed State House correspondents at the end of the meeting.
Yuguda said the fact that most of the loans guaranteed by the government were for states being governed by the All Progressives Congress further confirmed Jonathan’s position that he is the President of all Nigerians.
He said the President had identified the distinction between governance and politics and would not tribalise his office for any reason.
According to the minister, the council approved the President’s anticipatory approval to obtain $100 million credit from the French Development Agency in support of Lagos Integrated Urban Development Project (Eko-UP).
“The facility is meant to improve living conditions of the most vulnerable urban population of metropolitan Lagos, improve management and treatment of solid waste, strengthen the capacity of Lagos state and implement urban development projects in Lagos State,” he explained.
He gave the repayment period for the loan as 20 years, including seven years moratorium, commitment fee of 0.25 per cent per annum and an appraisal fee of 0.25 per cent.