European Union gives Nigeria N100bn as Development Fund

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The Federal Government said on Wednesday that it had secured a fresh funding of about N100bn for developmental projects over the next five years from the European Development Fund.

The immediate past Supervising Minister for National Planning, who is now the Minister of State for Finance, Ambassador Bashir Yuguda, disclosed this in Abuja during his handing over to the newly appointed Minister of National Planning, Dr. Abubakar Sulaiman.

Yuguda said the deal was one of the achievements he recorded while at the ministry, adding that he was also able to launch a study of the informal sector, which would enable it to be fully integrated into the economy.

He said that the agreement, which was sealed in Kenya, would help address some of the challenges that Nigeria was facing in its quest to achievie its developmental goals.

Yuguda expressed optimism that the incoming minister would be able to leverage on some of the work that he had begun to contribute significantly to the transformation of the economy.

He said, “We have been able to build better relationship with the state governments, especially in the joint planning boards, on areas of strengthening the planning process of the country. We also launched the SEEFOR project with developmental partners to build capacity; and also, we have launched the informal sector study of the economy and how it can be integrated into the economy.

“We have also signed the agreement for the 11th European Development Fund, which is a little bit over N100bn for the next five years.”

Responding, Sulaiman promised to work with members of staff of the ministry to consolidate on the successes so far recorded by his predecessor.

In doing this, the new minister promised to bring to bear his experience as an academic to address the challenges facing the country.

“I will work with you to ensure the success of this commission because we have a lot of problems and challenges facing this county and we need to bring out our best to consolidate on the gains left behind by my predecessors, and I will need your support to achieve this,”he added.