The Federal Government is set to borrow about $9 billion from various multinational organizations to boost the development of infrastructure across the country between 2012-2014.
This was one of the outcomes of the National Economic Council (NEC) meeting chaired by Vice President Namadi Sambo and attended by many state governors and ministers.
The minister of National Planning, Shamsudeen Usman said that such soft loans from the World Bank and the African Development Bank will be used by the states in infrastructure development across the states.
The Council also called for the establishment of a Federal University in each of the political zones in the country with a capacity to accommodate at least one hundred and fifty thousand students at a time.
Briefing state house correspondents after the meeting, the Anambra state governor, Peter Obi said that NEC also set up a committee to address infrastructure problems in Nigerian universities and ensure integrity in the appointment of members of governing councils in such universities.
Also the council has urged the Federal Government to continue with the investments so far made in the power sector assuring that by December 2013 the nation will be enjoying over 9000 megawatts of power supply in the country.
The Cross River state governor Liyel Imoke who joined in the briefing said that transmission infrastructure is the only bottleneck in the power sector and that the proceeds from the sale of generation assets must be ploughed back to increase the capacity in generation.