National Assembly complex, Abuja – The Senate has approved the $8.3 billion (N8,325,536,537) loan request tabled before it by President Muhammadu Buhari, Premium Times reported.
The Nation stated that the lawmakers also approved a separate €490 million loan request by the Nigerian leader.
Legit.ng gathers that the total amount is part of the federal government’s 2018-2020 external borrowing (rolling) plan.
The fund was approved on Thursday, July 15, after the Senate considered the report of the committee on local and foreign debts. The chairman of the committee, Clifford Ordia, presented the report.
Read Also : Latest: Amidst Rochas Defection & Suspension Rumour, Gov. Uzodinma Insists Okorocha Has Left APC.
World Bank, AfDB, others to provide the loan :
Recall that President Buhari had in May asked the National Assembly to approve the loan. He had explained that the loans, if approved, would be used to finance the projects listed under the 2018-2020 External Borrowing Plan.
The loans will be sourced from the World Bank, African Development Bank (AfDB), French Development Agency (FDA), Islamic Development Bank, China EXIMBank, and other international financial institutions.
Read Also : Just In: FG Gives 309.9bn Road Contract To Dangote For Construction Of Five Roads.
In his presentation, Senator Ordia noted that the projects to be financed by the loans are geared towards the realisation of the Nigerian Economic Sustainability Plan that cut across key sectors such as infrastructure, health, among others, in the six geo-political zones of the country.
List of funding agencies/loans;
1. World Bank – $796 million
2. China EXIMBank – $2.9 billion
3. Industrial Commercial Bank of China – $2.4 billion
4. African Development Bank (AfDB) – $104 million
5. Africa Growing Together Bank – $20 million 6. French Development Agency (AFD) – €240 million
7. European Investment Bank – €250 million
8. European ECA, KfW, lPEX, AFC – $1.95 billion
9. International Fund for Agricultural Development (IFAD) – $60 million.
Read Also : Latest: I May Die In DSS Custody Over Health Issues, Nnamdi Kanu Tells Court.
