Home Business Economy Reps Approve Fresh $5.8bn Loan, $10m Grant For FG
Economy

Reps Approve Fresh $5.8bn Loan, $10m Grant For FG

Share
Share

The House of Representatives, on Tuesday, approved external borrowings totaling $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 followed 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 Reps’ Committee on Supply considered the report while the House adopted it.

The committee recommended that the House “approve the underlisted ongoing negotiation of external borrowing of$5,803,364,553.50 and a grant component of $10,000,000 under the 2018-2020 External Borrowing (Rolling) plan.”

The breakdown of the funds showed 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.

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 House also asked that the terms and conditions of the loan from the funding agencies be forwarded to the National Assembly “before the execution of the same for approval and proper documentation.”

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.

The Chairman of the committee, Ahmed Safana, had prayed the House to consider the report on “request for a concurrent approval of donor fund projects under the Federal Government-proposed 2018-2020 external borrowing (rolling) Plan No. 2 and addendum to the request for concurrent approval of multilateral fund projects under the 2018-2021 Federal Government external borrowing (rolling) plan.”

Source Punch

Share

Businesstoday Magazine

Businesstoday Conference/Awards

Related Articles

Iceland Lauds Nigeria’s Ongoing Economic Reforms

Iceland Honorary Consul to Nigeria has applauded the ongoing economic reforms being...

Nigeria, Malaysia To Sign MoU On Palm Biomass Development

The National Palm Produce Association of Nigeria (NPPAN) says the Federal Government...

Report Projects Global Economic Slowdown To 2.4% In 2024

The global Gross Domestic Product (GDP) growth is projected to slow from...

US$1.5 Trillion Blue Economy Potential Untapped In Africa

The Blue Economy – sustainable economic activity around the world’s oceans –...