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.
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)