The African Development Bank, AfDB, has said it would advance $1 billion facility to the Federal Government as budget support to fund the 2016 federal budget.
The President of the bank, Dr. Akinwunmi Adesina, stated this in Abuja on Monday when he led a delegation of the bank to visit President Muhammadu Buhari at the State House.
Aside the $1 billion budget support, the AfDB President, who is Nigeria’s immediate past Minister of Agriculture, said the bank has also earmarked $300 million to create jobs for 185,000 youths, $250 million towards North East infrastructure development, $1 million grant to deal with challenges of Internally Displaced Persons (IDPs), $300 million for infrastructure development around Abuja, $200 million for Transmission Company of Nigeria (TCN) to deepen facilities, among others.
Adesina, who appreciated President Buhari for supporting his candidacy for the presidency of the AfDB, also commended him for successes recorded in securing the country, particularly in the North East, adding that “there can be no development without adequate security.”
The former Nigerian minister, who said recent economic decisions taken in the country were “bold, tough, uncomfortable, but right,” insisted that Nigeria would reap the dividends in the short and long run.
“You can count on the AfDB as a true friend of Nigeria. You should support massive investment in infrastructure, and we are here to also support. Closing the infrastructure deficit will enable growth, and create employment. Nigeria is too big to fail,” Adesina said.
Adesina who said he delighted with President Buhari’s push against corruption, also announced that the AfDB was extending the sum of $4.8 million as institutional grant, with the Economic and Financial Crimes Commission, EFCC, getting $2 million and the Independent Corrupt Practices and Other Related Offences Commission, ICPC, getting $1 million.
“You can always count on my support, and that of the ADB,” he concluded.
By Timothy Enietan-Matthews…..
RipplesNigeria …without borders, without fears
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Lack of legal provisions, cultural sentiments fueling marital r*pe in Nigeria
By Arinze Chijioke In the early days of Sandra Izuckukwu’s marriage in 2019, her husband, Sunday Izuchukwu, did everything she...
INVESTIGATION… LIVES ON THE LINE (IV): Surviving in a dangerous media environment
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020. For six...
INVESTIGATION… LIVES ON THE LINE (III): Precious Owolabi was killed covering a protest
This investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019-2020. For six months, Nigerian...
INVESTIGATION… LIVES ON THE LINE (II): Alex Ogbu was telling a story but became the story
This four-part series investigation is on the unresolved killing of three Nigerian journalists while on assignments between 2019 and 2020....
SPECIAL REPORT… TELECOMS BLACKOUT: Nigeria’s latest tactic against banditry grounds businesses, forcing residents beyond borders
The fight against notorious bandits raining terror and kidnapping students in Northwest Nigeria took a new dimension in September as...