Representatives approve $ 16.230 billion, external loan of € 1.020 billion, grant of $ 125 million
The House of Representatives on Tuesday approved $ 16,230,077,718 and â¬ 1.020 billion for the 2018-2020 external borrowing plan, as requested by President Muhammadu Buhari.
The Chamber when considering the “Request for simultaneous approval of donor fund projects under the Federal Government’s 2018-2020 Draft External (Continuous) Borrowing Plan and Addendum at the Request of ‘simultaneous approval of Multilateral Fund projects under the 2018- Federal Government External Borrowing Plan 2021’, also approved the grant component of $ 125 million under the external borrowing plan ( sliding) 2018-2020.
The approval was given after the recommendations of the Committee on AIDS, Loans and Debt Management were adopted during the Committee of Supply, chaired by the Deputy Chairman, the Honorable Ahmed Wase.
Out of a total amount of $ 16.230 billion, the World Bank is to provide $ 3,529,300,000; EXIM Bank of China – $ 5,078,441,252; Industrial and Commercial Bank of China – $ 3,902,267,260; Development Bank of China – $ 2,893,693,930; European ECA / KFW / IPEX / AFC – $ 190,255,276; Standard Chartered Bank / Sinocure – $ 62,120,000 while the African Development Bank (AFDB) is to provide $ 698,500,000.
Out of a total amount of 1.020 billion euros, the French Development Agency (AFD) will provide 345,000,000 â¬; European Investment Bank – â¬ 175,000,000 while International Capital Market must provide â¬ 500,000,000.
According to the approved project schedule, the Nigeria Electrification Project – Off Grid is to receive $ 350,000,000 from the World Bank and $ 200 million from the ADB; The 330 KV DC North Core interconnection of Nigeria / Niger-Benin / Togo-Burkina Faso is to swallow up $ 29,300,000 from the World Bank; Nigeria Transmission Expansion Project (NTEP-1) to receive $ 210 million from the African Development Bank (AfDB); while the Northern Corridor transport project is expected to swallow up 245 million euros from the French Development Agency (AFD).
According to the approval granted by the Chamber, out of the total external loan approved for the digital economy, the project of the National Identity Management Commission is expected to receive $ 100 million from the French Development Agency.
Of the total sum of $ 500 million approved for the industrial sector, the federal government is to raise a sovereign guarantee for the issuance of Eurobonds as a guarantee to allow the Bank of Industry to finance its projects of ‘worth $ 500 million but not more than â¬ 750,000,000 International Capital Market.
For the education sector, the Federal Ministry of Education and the Universal Basic Education Commission will receive $ 200 million from the World Bank for the IDEAS project (Innovation Development & Effectiveness in the Acquisition of Skills); $ 500 million from the World Bank for the Adolescent Learning and Empowerment Project (AGILE); Additional funding for better delivery of education for all: Global Partnership for Education (grant) of $ 125 million from the World Bank.
Of the total loan of $ 12.065 billion proposed for the transport sector, the Federal Ministry of Transport is to receive $ 3,141,984,852 from the China EXIM Bank to finance the Nigerian Coastal Railway Project: Lagos-Benin segment; $ 1,711,336,400 from the China Exim Bank to finance the Nigerian Coastal Railway Project: Benin-Onitsha, including the Onitsha Railway Bridge (branch); $ 2,893,693,930 from the Development Bank of China to finance the Nigerian Coastal Railway Project: Benin City-Warri – Yenegoa -Port Harcourt Segment; $ 3,902,267,260 from the Industrial and Commercial Bank of China to finance the central line project: Abuja – Baro – Itakpe – Ajaokuta segment; 25 $ 120,000 FROM EXIM Bank of China TO FINANCE the Lagos-Ibadan Railway Modernization Project Construction of the branch line (Port of Apapa-Tin Can Island) and $ 190,255,276 from ECA / KWF / IPEX / AFC to finance Kano-Maradi SGR with branch in Dutse.
Similarly, the $ 1.789 billion proposed for the financial and national planning sector, Nigeria’s power sector recovery performance-based program is expected to swallow up $ 750 million of the World Bank and 288,500 million from the African Development Bank to finance the COVID-19 response support program. (C19RSP).
For the health sector, the Federal Ministry of Health and National Center for Disease Control (NCDC) project will receive $ 225 million from the World Bank Project for Accelerating Nutritional Outcomes in Nigeria (ANRiN) ; $ 450 million from the World Bank to finance the Multiphase Programmatic Approach – Vaccination Plus and Malaria Progress by accelerating the Coverage and Transforming Service (IMPACT) Immunization Plus project; $ 400 million from the World Bank to fund the Nigeria Covid-19 Preparedness and Response Project (COPREP) – Additional funding.
The Federal Ministry of Women’s Affairs also obtained approval for a loan of $ 100 million from the World Bank to finance the Nigeria for Women project.
Likewise, the Federal Ministry of the Environment secured approval of an additional $ 400 million to finance the World Bank’s Nigeria Erosion and Watershed Management Project and â¬ 175 million to fund the adaptation project to climate change and watersheds.
For the government institution, the sum of $ 62.120 million has been approved for the provision of 17 MW hybrid solar power infrastructure for the National Assembly through SINOCURE / Standard Chartered Bank.
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Representatives approve $ 16.230 billion, external loan of â¬ 1.020 billion, grant of $ 125 million