A $125 million financing agreement has been finalised between the Federal Government and the Islamic Development Bank (IDB) to support large-scale infrastructure development in Abia State.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy, disclosed that the agreement will fund the construction and rehabilitation of 35 kilometers of roads in Umuahia and 126 kilometers in Aba.
The minister also revealed that a separate proposal to refinance ₦4 trillion in existing obligations within Nigeria’s electricity sector has been presented to the Federal Executive Council.
According to Edun, the electricity sector refinancing process will be implemented in phases, with the first phase expected to commence within three to four weeks. The operation will be coordinated by the Debt Management Office in collaboration with other relevant agencies.
The projects are expected to significantly improve transport connectivity in Abia State while easing financial strain within the nation’s power sector.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
