Tuesday, 6 June 2017

Osinbajo seeks Senate approval for $1.5bn loan

Acting President, Yemi Osinbajo, has asked the Nigerian Senate to approve a $1.5 billion loan.

Senate President, Bukola Saraki read Osinbajo’s letter at plenary on Tuesday, June 6, 2017.

The loan which is part of the 2016-2018 External Borrowing Plan of the Federal Government, meant for projects in ten states, the News Agency of Nigeria reports.

The states include; Kaduna, Ogun, Ebonyi, Abia, Katsina, Jigawa, Kano, Enugu, Plateau and Ondo.

The loan is to be sourced from four donor agencies - World Bank, African Development Bank (AfDB), Islamic Development Bank and French Development Bank.

A breakdown of the loan request shows;

Kaduna - $350 million

Ogun - $350 million

Ebonyi - $70 million

Abia - $100 million

Katsina - $110 million

Jigawa - $32.4 million

While Enugu, Kano, Plateau and Ondo will share $200 million.

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