Reps approve fresh $5.8bn loan, $10m grant for FG

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On Tuesday, the House of Representatives approved external borrowings amounting to  $5,803,364,553.50 and a grant of $10,000,000 for the Federal Government as part of the proposed 2018–2020 External Borrowing (Rolling) Plan No.3. The approval accompanied the adoption of the report of the House Committee on Aids, Loans and Debt Management, which recommended the approval of the loans and grant.

The audit of the funds indicated that the World Bank is granting $2,300,000,000 while a German consortium is advancing $2,300,000,000 and $10,000,000 loan and grant, respectively, while The Islamic Development Bank is granting $90,000,000 loan; China Eximbank, $786,382,967 loan; Bank of China, $276,981,586:50 loan; and the International Fund for Agricultural Development, $50,000,000 loan.

The Senate and the House had in November approved external borrowings of the sums of $16,230,077,718 and €1,020,000,000, and a grant of $125,000,000 for the regime led by the President, Major General Muhammadu Buhari (retd.), to fund its legacy projects. The approval by the House had followed the consideration and adoption of the report by its Committee on Aids, Loans and Debt Management.

– Punch

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