Representatives approve $ 8.3 billion, € 490 million loans to W’Bank and China for Buhari
On Friday, the House of Representatives approved $ 8,325,526,537 and € 490,000,000 in foreign loans under the federal government’s 2018-2020 (rolling) external borrowing plan for which the President, Major General Muhammadu Buhari (retired), sought approval from the National Council. Assembly.
The Senate adopted the loans Thursday.
The House committee on AIDS, loans and debt management recommended approval in its report which was considered and adopted in plenary on Friday.
The report listed funding agencies like the World Bank, $ 796,000,000; EXIM Bank of China, $ 2,901,026,509; Industrial and Commercial Bank of China, $ 2,484,555,304; African Development Bank, USD 104,200,000; Africa Brighter Futures 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, $ 60,000,000.
The projects supported by the World Bank include the second impact project on the development of centers of excellence in higher education in Africa (second ACE impact), $ 75,000,000; Sustainable purchasing, environment and social standards improvement project, $ 80,000,000; Digital Identity for Development Project in Nigeria $ 115,000,000; Multisectoral Crisis Recovery Project for the North East – Additional Funding, $ 176,000,000; Rural Access and Agricultural Marketing Project, $ 200,000,000; Edo Basic Education and Skills Sector Transformation (EDO BEST operation), $ 70,000,000; and Ogun State Economic Transformation Project, $ 250,000,000.
The projects supported by the China EXIM Bank include the construction of the Lafia bypass road and the 9th Mile (Enugu) –Otukpo-Makurdi road dualisation project (Keffi Phase II), $ 845,753,419; Akwanga Jos-Bauchi-Gombe Causeway Construction Project, $ 1,333,000,000; four terminal expansion projects (Phase II), $ 208,905,162; ancillary work on four airport expansion projects, $ 183,621,057; supply of rolling stock and depot equipment for the Abuja light rail project, $ 157,001,050; Electronic border solution, $ 172,745,821.
The Industrial and Commercial Bank of China supported project is Port Harcourt in Maiduguri with branches to the Yola and Damaturu railway lines (1,408 km) $ 2,484,555,304.
The African Development Bank has the Nigeria Urban Water Reform and Akure Water Sanitation Project at $ 104,200,000.
The Africa Growing Together Fund has the Nigeria Urban Water Reform and Akure Water Sanitation Project at $ 20,000,000.
The French Development Agency has the Rural Access and Agricultural Marketing Project at € 200,000,000 and the Second Impact Project on Higher Education Centers of Excellence in Africa for Development (Second ACE Impact) at € 40,000,000.
The European Investment Bank has the Nigeria Digital Identity for Development Project European ECA / KWF / IPEX / AFC at € 250,000,000 and the Kano-Maradi SGR with branch in Dutse at $ 1,959,744,724
The International Fund for Agricultural Development has the project to improve the living conditions of family businesses at $ 60,000,000.
The committee recommended that “the terms and conditions of the loan from funding agencies be transmitted to the National Assembly before their execution for approval and appropriate documentation.”