Nigerian govt okays $995m loan for Otukpo – Makurdi road

The Federal Executive Council (FEC) on Wednesday approved a loan request worth $995 million to be sourced from China’s Exim Bank for the construction of phase II of Abuja – Keffi – Akwanga – Lafia – Makurdi Road.

Minister of Power, Works and Housing, Babatunde Fashola, told State House correspondents after the council meeting that the 268.5 kilometre project consists of 16.0 kilometres-Lafia bye-pass and 251.7 kilometres stretch from Ninth mile through Otukpo to Makurdi.

He said the second phase was awarded even though financing was not yet available as the award of the country was a prerequisite to access its loan from the bank.

Also briefing reporters, the Minister of Water Resources, Suleiman Adamu, revealed that FEC approved Lower Benue River Basin Development Authority project for the construction of a bridge as part of constituency project in Karu, Nasarawa State at the cost of N719million.

Similarly, he said, FEC approved another memorandum for the construction of irrigation scheme at Kwaranga at the cost of N1.36billion.

Minister of Transportation, Rotimi Amaechi, on his party disclosed that the council approved €21 million for the purchase of two tug boats for towing purposes on Nigerian waters.

According to him, also FEC approved his second memorandum for the dredging of water in Baro at N703million.

Minister of Information and Culture, Lai Mohammed, who spoke on behalf of his Niger Delta Affairs counterpart, Usani Usani, said the council directed the minister to speed up negotiations for the take-off of Oron-Calabar section of the East -West Road.