Nairametrics| In an April 21 memo “Request for approval for Federal Government 2016-2018 external borrowing rolling plan”, President Buhari requested that the Senate approve $6.926 billion in loans as part of the Federal Government’s 2016 – 2018 external borrowing rolling plan. The Senate President Bukola Saraki read the memo on the floor of the upper chamber yesterday.
The request is believed to be part of the $29.96 billion loan earlier rejected by the Senate.
China-Exim Bank has approved our request for a loan to execute the Lagos-Kano Railway modernisation project (Kano-Kaduna segment) for a sum of $1.231 billion. Lagos-Kano railway modernisation project, Kano-Kaduna segment ($1.146 billion); and Coastal Railway project, Lagos-Calabar segment ($3.474 billion) – a total of $5.851 billion.
President Buhari also included other World Bank loans in his request, which he said needed for “speedy clearance of some emergency projects earmarked for the Northeast in the 2016-2018 borrowing plan”
The President also said that the World Bank has approved $575 million to assist the Federal Government’s reconstruction and rehabilitation efforts, as well as for the procurement of vaccines and other auxiliary facilities for polio immunisation, which is crucial given the outbreak last year. The projects were listed as:
- Polio eradication support and routine immunisation project ($125 million);
- Community and social development project ($75 million);
- Nigeria’s states health programme investment project ($125 million);
- State education programme investment programme investment project ($100 million);
- Nigeria youth employment and social support project ($100 million); and
- Fadama III Project $50 million
