Nigeria

JUST IN: Reps Approve Buhari’s $22.7bn Loan Request

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The House of Representatives on Tuesday approved the $22.7bn loan request by President Muhammadu Buhari.

JUST IN: Reps Approve Buhari's $22.7bn Loan Request
JUST IN: Reps Approve Buhari’s $22.7bn Loan Request

The approval came after the house considered the report of its committee on aids, loans and management

The approval of the loan had been suspended two months ago after South-east lawmakers protested non-inclusion of the zone in its implementation plans.

The funding agencies for the loan are the Bank ($2,854,000,000), African Development Bank ($1,888,950,000), Islamic Development Bank ($110,000,000), Japan International Cooperation Agency ($200,000,000 ), German Development Bank ($200,000,000), China-Exim Bank ( $17,065,496,773), and the French Development Agency ($480,000,000).

Some of the projects to be funded with the loans are the Nigeria Electricity Transmission and Access Project ($364,000,000); Social Inclusion and Welfare Advancement project, renamed National Social Safety Net Project, ($500,000) and the Economic Reforms and Governance Project, renamed Fiscal Governance Project ($200,000,000).

Adelowo Adegboyega
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