The House of Representatives, on Friday, approved $8,325,526,537 and €490,000,000 foreign loans under the 2018-2020 External Borrowing (Rolling) Plan of the Federal Government for which the President Muhammadu Buhari, sought the approval of the National Assembly.
The Senate had passed the loans earlier on Thursday.
The House Committee on Aids, Loans and Debt Management recommended the approval in its report that was considered and adopted at the plenary on Friday.
The report listed the funding agencies as World Bank, $796,000,000; China EXIM Bank, $2,901,026,509; Industrial Commercial Bank of China, $2,484,555,304; Africa Development Bank, $104,200,000; Africa Growing together 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 Industrial and Commercial Bank of China-supported project is the Port Harcourt to Maiduguri with branches to Yola and Damaturu railway lines (1,408km) $2,484,555,304.
The Africa Development Bank has the Nigeria Urban Water Reform and Akure Water Sanitation Project at $104,200,000.
Culled from the punch
