Reps Okay FG $16.23bn, €1.020bn, Other Loans

The House of Representatives has approved the proposed federal government’s $16.23 billion, €1.020 billion and other loans for project financing under the external borrowing rolling plan.

The loan was approved after receiving the report of the House Committee on Aids, Loans and Debt Management presented by Ahmed Dayyabu Safana (APC, Katsina) at Plenary on Tuesday.

The report recommended the approval of ongoing negotiation of external borrowing of $16.2bn, €1.020bn under the 2018-2020 External Borrowing (Rolling) plan, among others. The Senate had made similar approval last week.

The loans will be provided by various funding agencies which include; World Bank, China EXIM Bank, Industrial and Commercial Bank of China, African Development Bank and others

Many projects including major infrastructure projects like the Lagos-Benin, Benin-Onitsha, Benin City-Warri-Yenagoa-Port Harcourt segments of the coastal railway project.

Others are the Central Line Project: Abuja-Baro-Itakpe-Ajaokuta segment, Lagos-Ibadan Railway Modernisation Project construction of the Branch line (Apapa-Tin Can Island Port) and Kano-Maradi SGR with a branch to Dutse.

The National Assembly will also have a $62.120 million 17MW Hybrid Solar Power project to be financed by SINOCURE/Standard Chartered Bank.