President Buhari Seeks Senate Approval for 7 Billion Dollar External Loan to Kickstart Developmental Project

April 27, 2017, 6:29 am


President Muhammadu Buhari on Wednesday requested the Senate to urgently consider and approve Federal Government’s 2016-2018 External Borrowing Rolling Plan of  $6.93 billion.

The rolling plan, according to him, is to enable the government commence the reconstruction and rehabilitation of the North-East, provide for the poor and tackle rail projects across the country.

The president made the request in a letter to the Senate dated April 21, 2017 and read by President of the Senate, Dr Bukola Saraki, at plenary.

Buhari said: “China Eximbank has approved our request for a loan to execute the Lagos-Kano railway modernisation project for a sum of $1.23 billion.

“The Chinese have also informed us that the approval of the Lagos-Kano railway modernisation project (Kano-Kaduna Segment) at $1.15 billion  and the Coastal Railway Project at $3.47 million  are imminent,”

He explained that the funds for the project were available under the China-Africa Fund but were limited, adding that loan applications from African countries were funded based on first-come-first-served basis.

 

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