Representatives approve Buhari’s 8.3 billion loan


The House of Representatives on Friday approved USD 8,325,526,537 and EUR 490,000,000 foreign loans under the federal government’s 2018-2020 external loan plan, for which the President, Maj. General Muhammadu Buhari (retired), requested approval from the National Assembly.

The Senate had approved the loans the previous Thursday.

The House of Representatives Committee on Grants, Loans and Debt Management recommended approval in its report, which was examined and adopted in plenary on Friday.

The report listed the funding agencies as the World Bank, $ 796 million; China EXIM Bank, $ 2,901,026,509; Industrial Commercial Bank of China, $ 2,484,555,304; African Development Bank, $ 104,200,000; Africa Growing Together Fund, $ 20,000,000; French Development Agency, € 240,000,000; European Investment Bank, € 250,000,000; European ECA / KFW / IPEX / AFC, $ 1,959,744,724; and the International Fund for Agricultural Development, $ 60 million.

The project supported by the Industrial and Commercial Bank of China is the Port Harcourt to Maiduguri project with branches to the Yola and Damaturu railroad lines (1,408 km) $ 2,484,555,304.

Africa Development Bank owns the Nigeria Urban Water Reform and Akure Water Sanitation Project with USD 104,200,000. Copyright PUNCH.

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