The Federal Executive Council has approved the application for a 3.45 billion dollar loan to finance five projects.

They include projects in the power sector, renewable energy, states’ resource mobilisation programme, adolescent girls’ initiative for learning and empowerment and a women’s empowerment project.

The Minister of Finance and Coordinating Minister of the Economy, WALE EDUN, told State House correspondents that the federal government would proceed to receive the 3.45 billion dollars “zero-interest” loan payable within 40 years with a 10-year moratorium, meaning payments would begin from 2033.