Hajia Zainab Ahmed, the Minister of Finance, disclosed this while briefing State House correspondents after FEC meeting presided over by President Muhammadu Buhari at the Presidential Villa.
She said that the project, which would be executed by the Kano State Government, would improve the living conditions of the people of the state.
“Today at the FEC meeting, we got an approval for a facility in the sum of 64,750,000 million Euros for a National Urban Water sector reform project in Kano State.
“The project is to improve the living conditions of up to 1.5 million people in the greater urban area of Kano by improving access to quality water and also we are seeking to increase the financial viability of the Water Board by increasing its revenue and enhancing its governance framework.
“The project is to rehabilitate and build the infrastructure needed to increase access to water services to the population in greater Kano and to help improve key sector reforms to ensure the sustainability of the project.
“The Kano State Ministry of Water Resources through its State Project Management Committee is to implement the project.
“The funding is a facility to the Federal Government of Nigeria; the Federal Government of Nigeria will be on lending to Kano State at the same terms and conditions,’’ she said.
The minister said that the funding was from the French Development Agency with an interest rate of 1.02 per cent, a repayment period of 20 years and a seven-year moratorium period.
According to her, there is also a fee of 0.25 per cent for appraisal and a commitment fee of 0.25 per cent.
Ahmed said that the low cost facility with a seven-year moratorium was meant to provide good quality drinking water to up to 1.5 million people in greater Kano.
No fewer than 28 ministers attended the meeting which was the first since after the Presidential, National Assembly, Governorship and State Houses of Assembly elections.
Vice President Yemi Osinbajo, Secretary to the Government of the Federation (SGF), Boss Mustapha, Chief of Staff to the President, Abba Kyari, Head of Service, Winifred Oyo-Ita and the National Security Adviser (NSA), Babagana Monguno were also in attendance.