During a meeting held on Monday, the Federal Executive Council approved the application for a $3.45 billion loan to fund various projects.

The financing is designated for the power sector, renewable energy, state resource mobilization programs, an initiative for adolescent girls’ education and empowerment, and a women’s empowerment project.

According to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the loan is characterized as “zero-interest” and has a repayment period of 40 years with a 10-year moratorium, signifying that repayments are set to commence in 2033.

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Minister Edun elaborated, “Today at the Federal Executive Council, I presented five memos which were gracefully approved by the Council.

They had to do with concessional and, in many cases, zero-interest financing by the World Bank and the International Development Association, which is the very concessional financing arm.”

The projects to be funded encompass the power sector, renewable energy, state resource mobilization, initiatives for adolescent girls’ learning and empowerment, and a women’s project.

The adolescent girls’ program, worth $700 million, aims to equip young girls of secondary school age with marketable skills in addition to their academic achievements.