"It Will Be Well Executed": Shettima Speaks as AfDB Approves Tinubu's $163m Loan Request

"It Will Be Well Executed": Shettima Speaks as AfDB Approves Tinubu's $163m Loan Request

  • Vice President Kashim Shettima has announced that the African Development Bank has approved $163 million for Nigeria
  • The money, which is a loan, would be used to boost wheat production in the country, especially in Kebbi and Jigawa states
  • Shettima has also promised the judicious use of the loan by the administration of President Bola Tinubu

The Federal Government has obtained a loan worth $163 million (about N126.73 billion) from the African Development Bank (AfDB) to scale up wheat production in the country.

Vice President Kashim Shettima disclosed this when he paid a condolence visit to the Argungu Emirate, the state government, and the family of a renowned Islamic cleric, Sheikh Abubakar Giro, who passed on recently, Punch reports.

Tinubu Presidency
Shettima promises judicious use of $163m loan Photo credit: Presidency
Source: Facebook

In a statement released by the State House Director of Information, Office of the Vice President, Shettima assured Nigerians that they can trust the Tinubu government to fulfil its promises, particularly in agriculture, to ensure food security.

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The statement reads:

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“We have obtained a $163 million loan from the African Development Bank(AFDB) to support wheat production. The scheme will be launched soon.
“We need 10,000 hectares of land in Kebbi State. The scheme would be well executed in Jigawa State with a cultivation of 50,000 hectares of land to boost wheat production.
“I am here on behalf of President Bola Tinubu, who called me from India and directed that I should come to Argungu to commiserate with the family of the respected Sheikh, government, and people of Kebbi State and the north in general."

Railway, satellite lead list of 15 projects Nigeria agreed to in N2.50trn loan with China

Meanwhile, in another report, Legit.ng revealed that the Debt Management Office (DMO) has announced Nigeria's overall public debt has risen to N38 trillion as of September 30, 2021.

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The loan from China is one area many Nigerians are interested in amid stories of assets being seized from nations unable to repay their debt.

DMO has now released a thorough analysis of loans received from China in the last 13 years, including how much has been returned and for what projects the funds were obtained.

Source: Legit.ng

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