[ad_1]
House of Representatives, Wednesday, approved President Muhammadu Buhari’s request for new external borrowing comprising $16.2 billion and €1.020 billion.
The House also approved a grant component of the external funding plan amounting to $125 million in the President’s request.
The approval was granted during the consideration of report on the ‘Request for a concurrent approval of donor fund projects under the Federal Government Proposed 2018-2020 External Borrowing (Rolling) Plan No. 2 and Addendum to the request for concurrent approval of Multilateral Fund Projects under the 2018-2021 Federal Government External Borrowing (Rolling) Plan’ by the House on Committee of Supply.
Similarly, the Chairman said that from the total sum of €1.020 billion, French Development Agency (AFD) would provide €345,000,000; European Investment Bank – €175,000,000 while International Capital Market would also provide €500,000,000.
The loan chedule of projects indicated that the Nigeria Electrification Project – Off Grid would receive $350,000,000 from World Bank and $200 million from AfDB; 330 KV DC North Core Interconnection of Nigeria/Niger-Benin/Togo-Burkina Faso is to gulp $29,300,000 from World Bank; Nigeria Transmission Expansion Project (NTEP-1) is to receive $210 million from Africa Development Bank (AfDB); while Northern Corridor Transmission Project is to gulp €245 million from French Development Agency (AFD).
[ad_2]
Source link