Nigeria seals $340m funding pact with U.S.

Diasporans' home remittances hit N1.7 trillionTHE Federal Government has signed a bilateral agreement with the United States (U.S.) government for a $340 million (N53.4 billion) financing scheme, to assist in the development needs of Nigeria.Meanwhile, Nigerians in the U.S. remitted N1.7 trillion to the country last year, going by official documents from the financial system.The strategic intervention fund agreement, signed on Monday, in Abuja, according to the Minister of National Planning, Shamsudeen Usman, challenges Nigeria to identify the most appropriate development elements to invest in.He said: 'We have reached a point where we are on all fours, one has to respect the requirements of the development needs of the country'.The U.S. Ambassador to Nigeria, Terrence McCurry, said that the over one million Nigerians' remittances to the country have made the nation the seventh largest recipient of money remitted by citizens abroad.The minister, who signed on behalf of the Federal Government, said that the financial support would be employed in the most critical areas of need, which 'must be in line with the development priorities of Nigeria.'He added: 'Nigeria needs to play a significant role in defining what the priority is and the strategy and the areas that the assistance has to go into'Some people even laugh and ask why is Nigeria taking such money, people think that we are a rich country, we are not rich but we are not poor either. What is important is that the addition to the much we have would be utilised for the development of the country'.McCurry said that Nigeria is U.S. most 'strategic partner,' not just because the country is 'Africa's most consequent contributor to global peace keeping,' but for the fact that 'the country has potentials despite the obstacles' that have bedeviled the nation's development agenda.'The U.S. is pleased to see Nigeria take ownership of these challenges, and to work to ensure effective use of the resources through good governance, reduction to poverty, increase in access to basic social services, including education and healthcare service,' he added.McCurry assured that 'the U.S. government, through the USAID, will provide nearly $340 million in assistance from now till next year, to support Nigeria's development efforts.'The agreement is part of the over N2 trillion 2010 strategic intervention fund agreement the USAID signed to support the development of skills acquisition, improved capacity, quality basic education, health care services and agriculture.It would also help in strengthening the capacity of the states and local governments to effectively manage education, services and encourage the planned revival of agriculture.
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