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HOME NEWS $750m Foreign Loans Approved by Senate For 10 States

$750m Foreign Loans Approved by Senate For 10 States

$750m Foreign Loans Approved by Senate For 10 States

The sum of $750m has been affirmed by the  Senate on Thursday, July 27 for foreign loans covering 10 states across the nation. 

The loan which is to be used for the financing of various projects in the country benefits the following states; Kaduna, Ogun, Ebonyi, Abia, Katsina, Jigawa, Kano, Enugu, Plateau and Ondo. 

Abia state gets the sum of $200m from the African Development Bank, for Rural Access and Mobility Project; and Ebonyi gets $70m for Ebonyi Ring Road Project (to co-financed by Islamic Development Bank); Enugu, Kano, Plateau and Ondo together get $200m for the National Water Urban Sector Reform. 

The Islamic Development Bank will back the Integrated Agricultural and Water Resources Development extend in Kano

with $200m; and the Ebonyi Ring Road Project with $80m (to be co-financed with African Development Bank).

Enugu and Kano states will mutually get $100m from the French Development Agency for the Third National Urban Water Sector Reform Project. 

Acting President Yemi Osinbajo had kept in touch with the Senate to look for administrative endorsement for partition of state projects from the 2016-2018 External Borrowing (Rolling) Plan of the Federal Government. 

The upper council of the National Assembly had alluded the request to its Committee on Local and Foreign Debts. The senate approved the report by the committee on Thursday. 

The board called for compelling oversight by significant Senate committees on the usage of the projects for which the advances were taken. 

It stated, “The projects are special initiatives of the federal Government which, if and when fully implemented, will contribute to stimulating the economy, enhance development and create both direct and indirect jobs for Nigerians, particularly youths in the concerned states”.


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