SAN FRANCISCO, December 06, (THEWILL) – The European Union (EU) has pledged the sum of €20m for the reconstruction of markets and warehouses in Borno and Delta states in support for the ongoing efforts of the Federal Government to rebuild some parts of the North East and Niger Delta.
This was revealed by the EU Ambassador to Nigeria, Michael Arrion, during a visit to the Minister of Finance, Mrs. Kemi Adeosun in her office, revealing that the funds would be offered to the two states in the form of budget support.
According to a statement from the ministry of Finance, on Tuesday, the funding is part of efforts by the EU in assisting the government to rebuild the troubled regions.
“We have specific objective for creating this instrument and it is to address the root cause of migration,” the statement quoted the EU Ambassador.
“We are presenting this initiative within the framework of the global response to irregular migration.
“Today, we have a few thousand Nigerians in Europe, and we feel we have the responsibility of attracting them to come back to Nigeria.
“By investing in Africa, we will be creating jobs. We will be mixing grants with loans. We believe the grants will have a leveraged effect.”
Adeosun in the statement said all the financial analysis needed to facilitate support to the states had been put in place revealing that the Fiscal Sustainability Plan required a 21-point fiscal reform programme that enhanced transparency, accountability and efficiency.
She explained that the funding arrangement would help in healing the wounds caused by insurgent activities in the North East adding that it would also give hope to the Niger Delta people who have been impacted by pipeline bombings and the attendant environmental problems in the area.
Story by Oputah David
