FG Doles Out N26billion for Resuscitation of Sunti Sugar Company

The  Sunti Sugar Company in Mokwa town of Niger state has received a resuscitation fund of N26 billion from the federal government.

The sugar company has been comatose for over two decades.

The Governor of Central Bank of Nigeria, Godwin Emefiele, who announced this while on an inspection visit to the Sugar Company along with Niger state, Governor Abubakar Sani Bello, said the federal government’s gesture was to assist the resuscitation drive of the company.

The apex bank boss said that the amount given to the company would be repaid with a single digit interest rate of seven per cent.

He said: “This project marks the success story of President Muhammadu Buhari’s focus and his aggressiveness towards ensuring that we diversify our country from oil economy into a non-oil driven economy. A project like this is an indication that Nigeria is working.”

“It may look a little painful but at this time when there is scarcity of foreign exchange, this is the kind of project we will continue to give support to,” Emefiele said.