Senate Approves Buhari’s Request For $8.325M, €490M External Loans

Senate Approves Buhari’s Request For $8.325M, €490M External Loans: In a drive to Finance Infrastructural projects going on in many parts of the country: In a drive to Finance Infrastructural projects going on in many parts of the country, the Senate approved Buhari’s request for ongoing external loans to the tune of $8,325,526,537 and €490,000,000 under the 2018-2020 External Borrowing

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The whopping sum of $8,325,526,537 and €490,000,000 would be used to finance projects in the Ministries of Transportation, FCT, Aviation, Works and Housing, Agriculture, Water Resources, and others

“These projects have a great multiplier effect on stimulating economic growth through infrastructure development, job creation and poverty alleviation, stimulation of commercial and engineering activities, and the consequent tax revenues payable to government as a result of these productive activities,”- The Chairman, Local and Foreign Debt Committee, Senator Clifford Ordia explained

The Funding Agencies for the proposed $8,325,526,537 and €490,000,000

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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

International Fund for Agricultural Development (IFAD) – $60,000,000

World Bank – $796,000,000

China Exim Bank – $2,901,026,509

Industrial Commercial Bank of China – $2,484,555,304

African Development Bank – $104,200,000

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