Updated March 13, 2019The Federal Government has secured a €64.7 million loan which it says would be used to provide potable water in Kano, as part of the plans towards key infrastructural reforms in the country.
The Minister of Finance, Zainab Ahmed, said this on Wednesday while briefing journalists after the Federal Executive Council meeting at the Presidential Villa. According to her, the fund is specifically targeted towards improving the living conditions of people in Kano State through the rehabilitation of the National Urban Water Sector Reform Facility.
The loan, which is from a French development agency, comes with an interest rate of 1.02% and a repayment period of 20 years, and a seven-year moratorium. When completed as planned, it is expected to provide potable water for up to 1.5 million people in the state.
I am not surprised! Please the money is too small, borrow more biko! Please let crude become economically useless as coal. Then we would all sit down and work hard by force and the federal govt. Won't be full of nitwits and stupid people taking this kind of decision!
What is the meaning of this, loan for water by FGN for a state, Even selected LGA? What is the state government doing if such state is to rely on the centre government for provision of amenity like water? States should be compelled to carry out this function.
A whooping sum of 64.7m euros for Kano alone? How much for water projects in the whole of Niger Delta that owns the oil?
Why secure more loans.
Keep roping us in a debt gallow. Kano state can not tackle her water problem without FG taking an external loan. Mtcheeew.😤
Next level has started unfolding 😄😄😄
Ridiculous! Absolutely Ridiculous!
😳😳😭in Kano? Despite that the fg was kicked out of Kano. This life sha. Be smart get smart
Kano state has just been repaid by the presidency for rigging them into power. As far as the president is concerned, he has fulfilled the pact. If Gandollar like, let him relocate to Asorock in a bid to coerce d president to intervene in d elections, not a finger will be lifted!
How many states like this is enjoying FG spending in this regard?
Kai kai buhari your an evil man
Is Kano the only state short of portable water? Why the loan of €64.7m?...
Rigging mode activated
This is how they will siphoned the major part of the money. 🤦🏿♂️
Nigerians are talk talk keep on talking vote them the more, high level of suffering is ahead.
I hate this country mehn! This is not a hate speech it's just too much... it is too much, what kind of country is this sef
I’m sure the Kano political elites has squandered more than €64.7m since 1999 & didn’t bother to provide potable water in Kano. Now they’ve gone and taken a loan that’ll take generations to pay back. But I have no pity for them, they get exactly the sort of leaders they deserve.
Only Kano abi
That figure amounts to N26.5bllion. If a borehole is about N180,000, wouldn't it be more cost effective to provide them for the people of Kano instead of taking this loan that we in the south would have to pay for? Some policies don't add up really.
sabeer_farouk That particular local government ‘Nassarawa babuma common water ballentanama susami portable. Sannan sunasamma suchanja governor amma Ina!
Who will pay the loan; feds or the state? 🤔🤔🤔🤔
Na tomatoes, groundnuts money dey go use pay back no Oil money, resources in other region belong to them but that of SS and SE end up to be national cake
Hmmm! Debt profile rising.
After digging two boreholes, the rest of the loan will be sitting pretty in private accounts, while the masses will be left without water. corruption
Abeg na who will offend This loan for only 1 state,if there is no water in kano ,other state has water can't they get water from other states .....
Na waooo
Only in Kano? Are they trying to make an artificial spring.
More loans. Great.
Why Kano?! Uhmn.... kanoelection
What happened to all the recovered loot
Hope it gets to Kaduna
Loans loans loans, Buhari led APC administration is putting us in more debt
Too bad ! Loan for water 😢
Buhari buhari buhari how times I call you
God will have mercy on Nigeria as we enter NextLevel of loan for basic things of life.
Next level
Hmmm, at this time?
Lol
Only for Kano they are securing this kind of loan... what happen to other states that need the portable water, will they now sell Nigeria?
Chai! There was a country.
Heyyyyyy.... Is dis d WATER OF LIFE. THE TYPE U DRINK AND THIRST NO MORE?
De shd kuku sell ds country jare.. So later on in d future de won't just take dis country as a returnee 4 free wen we can't pay all ds loan
My concern, why should we keep borrowing. Nigeria spends more than 50 per cent of its revenues on servicing debts, a situation that does not give room for other necessary expenses.
Are they providing Atlantic ocean ni?
Same state Ganduje was videotaped pocketing tones of $$$$$ and you are borrowing more?
Just sell the country
Your rigging plans,wait until PDP takeover the state. Don't campaign for APC.
Nigeria can't just invite borrowed money instead they borrow and eat..... who does that in this 24th century
Inclusive government o
What about in the Southwest.... Don't we need water?
Loan !!! What d hell
....... whereas Gandollar is being watched as he smiles to d bank discreetly with d peoples money. What a country!
So quickly and soon. I hope the terms are well understood. It's not borrowing that is the quagmire, it utilizing it, servicing it and paying back that are the real challenge.
Are you f**kn kidding me? Nigeria.....
I thought we're supposed to be self-sufficient, why are we still going up and down borrowing here and there?
Another increase in our debt flow....smh
Aye FG ti baje asweh. Thunder must fire everyone that has ruled naija since 1999
Na so so water for Nigeria, plenty plenty water for Nigeria. Water in the air water on the land, water in the sea. Ordinary water for man to drink Nko o? E no dey... Fela. Nigeria’s leadership is fraud!
This is another display of stupidity. I’m not even concerned about how such a huge amount can be used for just water in one state. But nobody borrows money for celebrations or for a project that yields no return. Borrowed money is invested & the profit made is used to pay back.
Is this for the supplementary election?
Which generation will pay this loan my God we sell oil we sell everything yet we secure loans why not involve private sector clearly this govt has no direction
I know borrowing is not a bad deal on it own, because of time value of money. Question is to what end? Water! Great, it is essential to life. Albeit I need more information to critique this loan, what is the interest rate and the number of years to pay. 🙏 is from Islamic bank
Stake the state for the loan
Water will still not be sufficient, borehole water is the Only alternative
Weldone FGN.. Next Level assured
APC have Goverment is all about borrow.
This is sad! We should not be talking about this as a nation. How and why should we borrow to create (produce) portable water in Nigeria? What does it cost to sink borehole in every compound? How can a giant be living like an ant?
LOAN for water? Oh Nigeria my Country... Whew!!! ItIsWell
So Nigeria government can not build a single infrastructure without going for loan?
Guys confirm this news first. Na for channels i hear it wooo. And u no them
Kilode federal govt. Just water alone in 1 state only. Ha
They'll sell Nigeria to back this loan...
lol ....who are we kidding ..lol... dats d market price for a player in English premier league....
Pure political news,nonsense