FEC approves N3.4trn promissory note for local debts, salaries


The Federal Executive Council (FEC) has approved the establishment of a Promissory Note Programme worth N3.4trillion for the settlement of inherited local debts and contractual obligations of the Federal Government.

This was disclosed by the Minister of Finance, Zainab Ahmed, while briefing State House correspondents at the end of the weekly FEC presided over by President Muhammadu Buhari at the Council Chamber, Presidential Villa, Abuja.

“Today (yesterday), at FEC, I presented a memo seeking the approval of council for additional financing, the sum of $6.8 million sought as a loan from AfDB to finance inclusive basic service delivery and livelihood empowerment integrated programme for the rebuilding of the North-East.

“There was a previous facility which included coverage of Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe states, and some specific institutions were beneficiaries. But there is a Federal Science and Technology College in Lassa, Borno State that was one of the beneficiaries. But because of insurgency, it suffered severely. It could not be carried out because of the activities of insurgents.

“Now, what we are trying to do is to go back to the projects, to this particular institution to make sure we are able to rehabilitate the institution and also undertake a complete skill, training and educational project that will mitigate against the challenges that the institution has had. The facility is a concessionary loan.

“It has an interest rate of one per cent and it is payable over a 30-year period and it has five years moratorium.”

Also at the briefing, Minister of Budget and National Planning, Senator Udoma Udo Udoma revealed that FEC approved an empowerment program targeting 12,000 youths.

“One of the projects approved by FEC is the N-Power knowledge Multitrack Youths Empowerment Programme. Now, this programme targets 12,000 young Nigerians between the ages of 18-25 years. It is meant to give them trainings as well as devices.

“It will deliver to each of the 12,000 young Nigerians informed trainings which will enable beneficiaries build and imbibe technical proficiency such as assembling, repairs, maintenance as well as technology skills and digital literacy across a wide range of electronic brands, products and technology which can be grouped into three areas namely, mobile devices, computing devices and commonly used electronic devices.

“It’s a programme that is open to all unemployed youths across the six geopolitical zones irrespective of the socio-economic or educational background. It has a great to engage and train 12,000 youths across the six geopolitical zones of the country.

“The contract for this was awarded to Messrs Softcam Limited working with the officials of Social Investment Programme. It is a nine month duration. It will cost N259,000 per youth for the training and N207,000 for the work tools, the kits, the equipment.”


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