FG Plans $200m Water Project For Rivers

With the Federal Government’s proposed amendments on its
2012-2014 Medium Term External Borrowing (MTEB) plan, water supply in Rivers
State is to receive a remarkable boost as the FG plans a US$200m water supply
project for the state within the time frame.

The multi-million dollar investment which is being newly
introduced to the MTEB projects is to be financed by the African Development
Bank (ADB).

The Federal Government is also planning to swap the earlier
proposed US$300m guarantees for the power sector with a low- income housing
finance facility aimed at supporting the development of affordable mass housing
units for Nigerians.

These proposals are contained in a letter to the President
of the Senate, Senator David Mark by President Goodluck Jonathan, requesting
Senate approval of the recent amendments in the 201-2014 borrowing plan.

Another proposal is for the floating of a US100 million
Diaspora Fund and the issuance of another US$1billion Euro bond in furtherance
of the programme earlier initiated by the administration of the late President
Umaru Musa Yar’Adua.

The letter reads in part, “I wish to refer you to my earlier
letter in respect of the above subject and to inform you of two amendments to
the 2012-2014. Medium Term External Borrowing Plan.

“First, we would like to include a US$200 water supply
project being planned for Rivers state. This project will be financed by
African Development Bank and will provide potable water supply to residents of
Rivers State.”

The Senate is expected to consider the current MTEB plan in
its committee of a whole in due course.