The House of Representatives has approved President Muhammadu Buhari’s demand for new foreign loans comprising 16.2 billion dollars, 1.020 billion euros and a grant component of the external funding plan amounting to 125 million dollars.
The approval followed 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.
Chairman of the Committee on Aids, Loans and Debt Management Ahmed Dayyabu Safana, who presented the report explained that the World Bank, African Development Bank, and the French Development Agency, AFD were among the funding agencies.
He also added that from the total sum of 16.230 billion dollars, World Bank would provide about 3.5 billion dollars; China EXIM Bank over 5 billion dollars; Industrial & Commercial Bank of China – about 3.9 billion dollars; China Development Bank 2.8 billion dollars among others.
