Fashola Backs External BorrowingTo Fund Capital Projects

The Minister of Power, Works and Housing, Babatunde Raji Fashola, SAN has thrown his weight behind external borrowing to finance capital projects.

In a press release sent in by Olusegun Ogunkayode for Director (Press), the Minister made the disclosure while delivering his address at the 2nd Annual Nigerian Mining Week at the Nigerian Air Force Conference in Abuja on Tuesday.

Fashola, who recalled that in 2016, the federal government committed the sum of N1.2 trillion on capital projects, which is an increase from 15% to 30%, emphasised the need to source for loans to finance the development of critical infrastructure as a fulfillment of the campaign promises of the federal government.

While commending the leadership of the Mines sector for the amazing milestones recorded within “so short a time”, the Minister noted that very little can be achieved within the Power industry without inputs from the sector. He said, “as we roll out transmission stations, towers, we install transformers, whether it is steel casing for the transformers, whether it is copper winding inside it, all of these stem from the operations of the mining industry”.

The Minister of Mines and Steel Development, Dr. Kayode Fayemi, earlier on commended the “Nigerian Mining Week,” as a networking platform and a learning turf for existing businesses.

Fayemi noted that a recent World Risk Report published by the Mining Journal indicated that Nigeria has made remarkable improvements in both hard and perceived risk factors. He added that, “the Nigerian mining jurisdiction is now considered to have a better investment risk profile than Russia, China, India and several other leading jurisdictions”

In attendance were the Governor of Taraba State, Darius Ishaku, the Ohinoyi of Ebiraland, Alhaji Ado Ibrahim, Senior Partner, PriceWaterhouse Coopers (PWC), Uyi Akpata, representative of the Kaduna State Governor, Mallam Nasir El-Rufa’I, Mrs. Amina Sijuade, amongst others. (LEADERSHIP)

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