FEC Approves Fresh $1bn Chinese Loan

Suleiman Adamu

The Federal Executive Council (FEC) has approved another $1billion Chinese loan.

The loan will be sourced from the China-Exim Bank for the Gurara II Hydropower project, which will generate 360 megawatts of electricity.

The Minister of Water Resources, Mr. Suleiman Adamu, confirmed the approval of the loan by FEC.

President Buhari presided over the FEC meeting at the Presidential Villa, Abuja.