FG signs agreement with EU on ₦100bn loan

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The Federal Government on Wednesday said it had secured a fresh funding of about N100bn for developmental projects for the next five years under the European Development Fund.

The immediate past Supervising Minister for National Planning but now Minister of State, Finance, Amb Bashir Yuguda, disclosed this in Abuja during his handing over to the newly appointed Minister for National Planning, Dr Abubakar Sulaiman.

Yuguda said the deal was one of the achievements he recorded while at the ministry, adding that he was also able to launch a study for the informal sector of the economy which would enable that sector to be fully integrated into the economy.

He said the agreement, which was sealed in Kenya, would help address some of the challenges that Nigeria was facing in its quest towards achieving its developmental goals.

Yuguda expressed optimism that the incoming minister would be able to leverage on some of the work that he had begun, to contribute significantly to the transformation of the economy.

He said,

 “We’ve been able to build more relationship with the state governments especially in the joint planning boards on areas of strengthening the planning process of the country.

“We also launched the SEEFOR project with developmental partners to build capacity and also, we have launched the informal sector study of the economy and how they can be integrated in the economy.

“We have also signed the agreement for the 11th European Development Fund which is a little bit over N100bn for the next five years.”

Responding, Sulaiman promised to work with members of staff of the ministry to consolidate on the successes so far recorded by his predecessor.

In doing this, the new minister promised to bring in his experience as an academic towards addressing the challenges facing the country.

He said, 

“I will work with you to ensure the success of this commission because we have a lot of problems and challenges facing this county and we need to bring out our best to consolidate on the gains left behind by my predecessors and I will need your support to achieve this.”