LAGOS – Nigeria’s Senate has approved a request by President Umaru Yar’Adua to give a 10-million-dollar interest-free loan to Sao Tome and Principe, officials said Friday.
‘We approved the request in the spirit of good African brotherhood and neighbourliness,’ a senior parliamentarian told AFP.He said the loan was due to be repaid between four and six years.Yar’Adua had sought the approval of the senate in a letter he sent to the upper house last month, arguing that ‘Sao Tome and Principe has a previous record of prompt repayment.’He said a similar loan of 15 million dollars granted between 2002 and 2004 was fully repaid in 2007 according to the terms of the facility.The two oil-rich countries share oil blocks in an offshore Joint Development Zone (JDZ).Any government revenue from production in the JDZ will be shared 60 per cent for Nigeria and the remainder for Sao Tome.-Nampa-AFP
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