Wednesday 2 August 2017

POTATOES CULTIVATION: FG APPROVES 3.3 BILLION NAIRA LOAN FOR PLATEAU STATE

THE Federal Executive Council (FEC) has approved N3.38 billion Africa Development Bank (ADB) loan for cultivation of potatoes in Plateau State.

Minister of Finance Kemi Adeosun said this to State House correspondents at the end of the FEC meeting chaired by Acting President Yemi Osinbajo at the Presidential Villa, Abuja.

According to her, the state government will also contribute N595 million counterpart funding.

Stressing that about 60,000 jobs will be created from the potatoes value chain, she said 17 local governments in the state will benefit from the project. A strong monitoring team, she said, will be in place to ensure the loan is judiciously used.

She said the loan has five years moratorium and 25 years repayment period.
She said: “My approval was on behalf of Plateau State to support the potato value chain. There is a loan that we had previously cancelled from ADB. So, it is not a new loan. We cancelled it and redirected the money to request on behalf of Plateau State Government to support the potato value chain.

“The rationale is that Plateau actually accounts for 95 per cent of Nigeria’s potato production and from Plateau, potatoes are actually exported to Ghana, Niger, Chad and other countries and despite that, there are huge profit losses because there is no enough storage and there is so much more we can do with Plateau’s potatoes.

“So, ADB has come up with a comprehensive programme that will affect over 100,000 families. It is expected to create 60,000 jobs in a potato value chain, from processing, storage, replacement of current inputs and indeed, export.”

Minister of Power, Works and Housing Babatunde Fashola said FEC approved N1.58 billion for Abuja-Kaduna highway repairs to support the closure of Nnamdi Azikiwe International Airport Abuja.

He said N4.1 billion was approved for Apapa-Wharf road.

Fashola said: “The two memos were ratification of road works that had to be done under emergency circumstances. The first was the Abuja- Kaduna highway. Recall we had to immediately do palliative works to support the closure of the Abuja airport runway, which necessitated diversion of traffic to Kaduna.”


“At that time, we didn’t have FEC’s approval. We only had anticipatory Presidential approval as prescribed under the law for emergencies works.

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