Even though the Senate led by Ahmed Lawan approved President Muhammadu Buhari’s $22.79bn loan request, despite an uproar from a few Senators who were
Even though the Senate led by Ahmed Lawan approved President Muhammadu Buhari’s $22.79bn loan request, despite an uproar from a few Senators who were against its approval, the House of Representatives has suspended the consideration of the external loan request, ThePunch reports.
The House had listed the report by its Committee on Aids, Loans and Debt Management on the 2016–2018 Federal Government External Borrowing (Rolling) Plan as the last item for consideration on the order paper for Wednesday’s proceeding. The Speaker, Femi Gbajabiamila, however, asked that the consideration be stood down without giving a new date.
The funding agencies for the loan, according to the Senate panel, are the 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 the French Development Agency ($480,000,000).
Some of the projects to be funded with the loans are the Nigeria Electricity Transmission and Access Project ($364,000,000); Social Inclusion and Welfare Advancement project, renamed National Social Safety Net Project, ($500,000) and the Economic Reforms and Governance Project, renamed Fiscal Governance Project ($200,000,000).
