Details Of $22.8bn Buhari’s Loan Request Approved By The Senate

The Senate on Thursday approved the $22.79bn loan requested by President Mohammad Buhari.

The process of approval, was not however, without protests from the opposition senators led by the Minority Leader,  Enyinnaya Abaribe.

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However, after a 45 minutes closed door session, the senate approved the loan request. CityNews provides details of the requested loan as below.

Some of the projects to be funded with the loans include:

1. Nigeria Electricity Transmission and Access Project at $364,000,000

2. Social Inclusion and Welfare Advancement project, renamed National Social Safety Net Project at $500,000

3. Economic Reforms and Governance Project all (renamed Fiscal Governance Project for $200,000,000

4. Development of the Mining Industry at $150,000,000

5.,Education Sector Reform Programme (renamed Better Education Service Delivery for All (BESDA) at $500,000,000

Funding agencies, according to the Senate panel are:

World Bank ($2,854,000,000),

African Development Bank                         ($1,888,950,000),

Islamic Development Bank                        ($110,000,000),

Japan International Cooperation Agency  ($200,000,000 ),

German Development Bank                       ($200,000,000),

China-Exim Bank                                       ($17,065,496,773), and

French Development Agency                     ($480,000,000)

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