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Acting President seeks Senate approval for $1.5bn loan

The $1.5 loan which is part of the FG’s external borrowing plan is meant for projects in 10 states.

 Prof. Yemi Osinbajo, Nigeria's Acting President

Acting President Yemi Osinbajo has requested Senate approval approval for a $1.5 billion loan.

Senate President, Bukola Saraki read Osinbajo’s letter at plenary on Tuesday, June 6, 2017.
The loan which is part of the federal government’s external borrowing plan is meant for projects in ten states.
The states include; Kaduna, Ogun, Ebonyi, Abia, Katsina, Jigawa, Kano, Enugu, Plateau and Ondo.

The loan is to be sourced from four donor agencies - World Bank, African Development Bank (AfDB), Islamic Development Bank and French Development Bank.

A breakdown of the loan request shows;

Kaduna - $350 million

Ogun - $350 million

Ebonyi - $70 million

Abia - $100 million

Katsina - $110 million

Jigawa - $32.4 million

Ebonyi - $80 million

Kano - $200 million

While Enugu, Kano, Plateau and Ondo will share $200 million.
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