President Muhammadu Buhari is set to take another loan of 5.8 billion dollars and grant of $10 million.
This is as the House of Representatives approved the President’s request to sourced the funds from the World Bank, Islamic Development Bank, China Exim bank, Chinese Africa Development Fund, and International Fund for Agricultural Development.
The request was approved after the lower chamber of the national assembly asked the funding agencies to forward the terms and conditions of the loan to the National Assembly for proper execution and commendation.
The report of the House Committee on Aids, Loans and Debt Management, was earlier presented to the house through the Chairman, Rep. Ahmed Safana (APC-Katsina).
Safana observed that out of the total borrowing of $5.8 billion covers $2.3 billion for the Grid Modernization and Expansion Programme, $290,000,000 for the malaria project, $700,000,000 for the Sustainable Water Supply, Sanitation and Hygiene (WASH) Project, $786,382,967 for the Gurara Phase II project among several others.
“That the House do consider Final Report of the Committee on Aids, Loans and Debt Management on the Proposed 2018–2020 External Borrowing (Rolling) Plan No.3 (Laid:14/12/2021) – Committee of Supply.”
“That the House do approve the under listed ongoing negotiation of external borrowing of $5,803,364,553.50 and a Grant component of $10,000,000 under the 2018-2020 External Borrowing (Rolling) plan.”
In September this year, the Senate had approved a $16.2 (16,230,077,718) billion loan request by President Muhammadu Buhari.
Also approved was €1 (1,020,000,000) million and a grant component of $125 million loan request by the president.