The Federal Government is to spend N10.6 billion green bond to execute its Energising Education Programme.
The Minister of State for Environment, Alhaji Ibrahim Jibril, disclosed this to the News Agency of Nigeria (NAN) in Abuja on Thursday on the sideline of the ministry’s preparation for the 12th National Council on Environment meeting that it would be executed through provision of solar in higher institutions.
The meeting is to hold between Oct. 29 and Oct. 31, in Akure, Ondo State.
According to him, the Federal Ministry of Environment is partnering the Federal Ministry of Works, Power and Housing in its Energising Education Programme to provide solar power in the nation’s higher institutions.
“We have already raised N10. 6 billion when we launched green bond last December. This money is targeted towards renewable energy.
“Therefore, we are partnering the Federal Ministry of Works, Power and Housing in its Energising Education Programme to provide solar power in the institutions of higher learning.
“This will serve as alternative means of raising fund to address climate related issues,” the minister said.
He said that the ministry issued the Green Bond as alternative source of funding because of the huge capital outlay required to finance the nation’s renewable energy projects.
Jibril expressed optimism that the bond would boost the nation’s economy and protect the environment.
The Federal Ministries of Environment and Finance, in collaboration with Green Bond Advisory Group launched the green bond in December, 2017.
The Director-General, Debt Management Office (DMO), Ms Patience Oniha, said the Federal Government borrowed the N10.6 billion, in line with its borrowing agenda as stated in the 2017 budget.