The senate has
approved President Muhammadu Buhari’s $22.7 billion loan request — years after
it was rejected by the previous assembly.
At its plenary session
on Thursday, the upper legislative chamber approved the 2016-2018 external
borrowing plan which the president said would be used for critical projects
across the country.
TheCable reports that Nigeria’s public debt profile stands at N26.215 trillion as of September 2019.
According to a
document accompanying the president’s request, the fresh loan is for about 35
projects, many of which are infrastructural.
The document also shows part of the money will be used for new projects
while others will go into already existing projects.
WHERE WILL THE LOAN
COME FROM?
Over 70 percent of
the loan will come from the Exim Bank of China, while the others are being
sought from the World Bank, Africa Development Bank among others.
Here are the
institutions the loan is being requested from:
- Exim Bank of China ($17bn)
- World Bank ($2.95bn)
- Africa Development Bank ($1.88bn)
- Islamic Development Bank ($110m)
- Japan International Cooperation Agency ($200m).
- German Development Bank ($20m)
- French Development Agency ($480m
THE SPENDING PLAN
Here is how the
Buhari administration plans to spend the loan and where the projects are
located as contained in the document:
INFRASTRUCTURE
– Emergency road
rehabilitation and maintenance ($434.7m, nationwide)
– Abidjan-Lagos
corridor highway development project study ($1.5m; multinational)
– Abuja mass rail
transit project (phase 2) ($1.25bn; FCT)
– East-west road
($800m; Niger Delta)
– Nigeria Housing
Finance Project Guarantee Scheme ($100m; national)
– Lagos-Kano railway
modernisation project (Ibadan-Kano segment double track) ($5.53bn; Ibadan-Kano
states)
– Railway
modernisation coastal railway project (Calabar-Port Harcourt-Onne deep sea port
segment ($3.47bn; Cross River and Rivers states)
SOCIAL INVESTMENT
– National Social
Safety Net Project ($500m, nationwide)
– Multi-sectoral
crises recovery programme ($200m, north-east)
– North-east Nigeria
integrated social protection, basic health, education, nutrition services and
livelihood restoration project ($100m; north-east)
POWER
– Power transmission
project ($200m; Lagos, Ogun)
– Vocational
training in power sector ($50m; FCT, Lagos, Ogun. Kano, Plateau, Niger, Enugu,
Kaduna and Cross River)
– TCN overall
transportation system enhancement project ($200m; nationwide)
– Mambila
hydro-electric power project ($4.8bn; Taraba)
– Nigeria
Electricity Transmission and Access Project ($364m; nationwide)
EDUCATION
– Better Education
Service Delivery for All (BESDA) ($500m, nationwide)
ECONOMY
– Development
finance project ($500m, nationwide)
– Kaduna state
economic transformation program for results ($35m, Kaduna)
– Development
finance project (2) ($450m, min. of power)
– Development
finance project (3) ($20m, nationwide)
– MSMEs project
($1.28bn; nationwide)
COMMUNICATION
– NTA digitisation
project ($500m; nationwide)
– National
Information and Communication Technology Infrastructural Backbone Project
(NICTIB) phase II ($328.1m; Lagos, Abuja, Ibadan, Akure, Maiduguri, Lokoja,
Kaduna, Akwanga, Bauchi, Kano, Katsina)
AGRICULTURE
– Staple crops
processing zone support project ($100m, Kogi)
– Agriculture
Transformation Agenda Support Project II (ATASP) ($200m, nationwide)
– Staple crops
processing zone projects (2) (500m; nationwide)
HEALTH/WATER
– Regional disease
surveillance systems enhancement project in West Africa ($90m, nationwide)
– Health System
Project ($110m, Katsina)
– Rural water supply
and sanitation ($150m; north-east, and Plateau)
– Greater Abuja
water supply project ($381m; FCT)
GOVERNANCE
– Fiscal Governance
and Institutions Project (FGIP) ($200m, government institutions)
– Institutional
strengthening and implementation of policy reforms ($33.7m, min. of works and
housing)
ENVIRONMENT – Lake Chad Basin Commission ($13m, multinational)
– Integrated
programme for development and adaption to climate change in the Niger Basin
($6m; Nigeria and Niger)
– Development of the
mining industry ($150m, nationwide)
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