U.N Will Raise $50 Billion To Fund Lake Chad Project

The Nigeria President Muhammadu Buhari and United Nations Secretary-General, Antonio Guterres will co-chair a Special Session of the UN to raise $50 billion to fund the inter-basin water transfer from Central Africa to Lake Chad.

Guterres announced his decision to serve with Buhari in a letter sent through the President of the African Development Bank, ADB, Nigeria’s Dr. Akinwumi Adesina who delivered the letter at the State House, in Abuja.

President Buhari, who has been canvassing for the regeneration of Lake Chad said such a Special Forum was necessary in view of the size of capital required for the project which was unavailable to the Lake Chad Basin countries.

Addressing issues directly related to the ADB, the President expressed delight with successes recorded in the four years of Dr Adesina’s tenure at the Bank.

The President used the occasion to highlight the successes achieved by the administration through the implementation of the Economic Recovery and Growth Plan, ERGP and asked for ADB’s continued support in this regard.

Dr Adesina told President Buhari that the fortunes of the Bank had significantly improved, earning global ratings in accountability and transparency, improved incomes and for making impact on the lives of millions of its target population.

The ADB president sought for the support of the Nigerian leader for a “general capital increase” to fast track the development of the Bank, to which President Buhari gave all assurances and directed the Ministry of Finance to engage and expedite action on the issues brought to the government by the ADB.

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