By Udora Orizu
The House of Representatives yesterday, approved President Muhammadu Buhari’s request for ongoing external loans to the tune of $8,325,526,537 (USD) and €490,000,000 (Euros) under the 2018-2020 External Borrowing (Rolling) Plan.
The approval followed the consideration and adoption of the interim report on the 2018-2020 External Borrowing (Rolling) Plan by the Committee on Aids, Loans and Debt Management.
Presenting the report, the Committee Chairman, Hon. Ahmed Dayyabu Safana explained that the terms and conditions of the loan from the funding agencies would be forwarded to the National Assembly prior to the execution of same for concurrence and proper documentation.
According to the lawmaker, the funding agencies are: 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; 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; and International Fund For Agricultural Development (IFAD) – $60,000,000.
