Federal Executive Council Resolutions for Wednesday, 3rd April 2013.

[FMINigeria]

Briefing State House correspondents immediately after the Federal Executive Council Meeting, the Information Minister, Mr. Labaran Maku, told reporters that the Coordinating Minister for the Economy/Minister of Finance brought a memo to seek Council's approval for an International Development Association Credit of USD500million and Associated Grants of USD3.96million from the Global Environment Facility Trust Fund and USD4.63million from the Special Climate Change Fund in support of the Nigeria Erosion and Watershed Management project (NEWMAP).

After stating the objectives and derivable benefits of the project,  the Minister also said that the facility would be secured on a highly grace period, adding that it had zero interest a service charge of 0.75% per annum (on the principal amount) and 0.5% per annum commitment charge (on undrawn balance of the loan).

Maku said that after deliberations, the Council approved that the Coordinating Minister for the Economy/Minister of Finance should execute the Financing Agreement and the two Grant Agreements.

The council directed the Attorney-General of the Federation/Minister of Justice to issue the legal opinion required to render the credit effective.

Maku said that another memo by the Coordinating Minister of the Economy/Minister of Finance sought Council's approval to obtain USD200million credit facility from the International Development Association for the State Employment and Expenditure for results project (SEEFOR).  The Council approved that the Finance Minister execute the Financing Agreement on behalf of the Federal Government of Nigeria.

That the Council also directed the Attorney-General of the Federation/Minister of justice to issue legal opinion to render the credit effective.

According to Maku, the Coordinating Minister for the Economy/Minister of Finance brought a memo to Council to seek approval for the first Edo State Growth and Employment Support Operation of SDR48,418,100 (USD75million) from the World Bank as Budget support to improve the management of public resources, institutional and policy environment for growth and employment creation.

He stated that the credit was highly concessionary with a repayment period of 40 years, 10 years moratorium at zero interest rate and a service charge of 0.75% per annum (on actual drawdown), as well as a commitment charge of 0.5% per annum (on undisbursed balance).

The Information Minister said that after deliberations, Council approved that the Coordinating Minister for the Economy/Minister of Finance should execute the Financing Agreement on behalf of the Federal Government with the World Bank and the Subsidiary Financing Agreement with the Edo State Government.  The Council also directed the Attorney-General of the Federation/Minister of Justice to issue the legal opinion required to render the credit effective.

Maku further said that the Coordinating Minister of the Economy/Minister of Finance, brought another memo to seek approval for an international development association credit.  The Minister said that Council approved that the Coordinating Minister for the Economy/Minister of Finance should execute the financing agreement on behalf of the Federal Government.

The Council also directed the Attorney-General of the Federation/Minister of justice to issue the legal opinion to render the credit effective.

Another memo by the Coordinating Minister for the Economy/Minister Finance sought council's approval to obtain USD150million credit facility from the International Development Association and USD20million Grant from the Health Results Innovation Trust for the proposed Nigeria State Health Investment Project.  The Council approved that the Finance Minister should execute the Financing Agreement on behalf of the Federal Government of Nigeria.

He directed the Attorney-General of the Federation/Minister of Justice to issue the legal opinion to render the credit effective.

The Coordinating Minister for the Economy sought Council's approval to obtain USD150million credit facility from the International Development Association for the proposed State Education Program Investment Project in Nigeria.  The Council approved that the Coordinating Minister for Economy/Minister of Finance should execute the Financing Agreement on behalf of the Federal Government of Nigeria; while the Attorney-General of the Federation/Minister of Justice was directed to issue the legal opinion to render the credit effective.

There was also another memo which sought approval to obtain USD95million credit facility from the World Bank for the procurement of Oral Polio Vaccines for the repeater project for eradication of polio in Nigeria from 2012 to 2014.

The Council approved that the CME/MF should execute the Financing Agreement on behalf of the Federal Government of Nigeria; and directed the Attorney-General of the Federation/Minister of justice to issue the legal opinion to render the credit effective.

As for the memo to obtain USD300miilion from the International Development Association Credit in Support of the Youth Employment and social Support Operation Project, the council equally approved that the CME/MF execute the Financing Agreement on behalf of the Federal Government of Nigeria.  The Attorney-General of the Federation/Minister of Justice was directed to issue the legal opinion to render the credit effective.

Maku said the Minister of Foreign Affairs through a note apprised council of the report of the 3rd Africa-South America (ASA) Summit of Heads of State and Government held in Malabo, Equatorial Guinea from 20th to 22nd February, 2013.

The Minister said the Summit charted a way forward for ASA, with respect to project funding as well as the function of its governance institutions, notably, Permanent Secretariat; that some of the 27 ASA projects can be implemented with existing national and regional resources.  Venezuela would continue to host the ASA Secretariat; and that ASA Summit would now be held once in 3 years as against the earlier two years arrangement.  Ecuador would host the 4th African South America Summit in 2016.

Maku further told journalists that the Minister/Chairman of National Sports Commission; and the Minister/Deputy Chairman of National Planning Commission, briefed the Council on the progress and challenges of their Commission in the year, 2012.

Via: Federal Ministry of Information (FMI) Nigeria