Osinbajo seeks Senate’s ‎approval for $1.492b foreign loan‎ for 10 states

Acting President, Prof. Yemi Osinbajo, on Tuesday sought the approval of the Senate for $1.492 billion loan to finance capital projects in 10 states.

Osinbajo, in a letter dated May 25, 2017, said the request for the loan from the concerned states became imperative in view of the current economic realities in Nigeria and the urgent need for them to provide infrastructure development and social amenities in their domains.
According to the letter, the Kaduna State Development Policy Operation, which will be funded in conjunction with the World Bank, demands for $350 million; Ogun State Development Policy Operation, $350 million; Ebonyi Ring Road Project, $70 million.

The donor agency for the projects in Ebonyi and Abia States is the African Development Bank.

It is to be co-financed by the Islamic Development Bank.

The Rural Access and Mobility Project in Abia State is to gulp $100 million.
Also, the Islamic Development Bank will fund the Health System Project in Katsina State with $110 million; Integrated Rural Development Project, ‎with $32.4 million; Ring Road Project to be co-financed with AFDB) with $80 million; Integrated Agricultural and Water Resources Development (Kano) to gulp $200 million; and Enugu, Kano Plateau and Ondo States will take $200 million loan for Third National Urban Water Sector Reform Project (NUWSRP-111).

The letter reads in part: “I write in reference to ‎my earlier letter requesting for the consideration and approval of the Senate for the 2016-2018 External borrowing Plan and to request Senate to separate the states’ projects from the items listed in the borrowing plan with a view ti giving them accelerated considerations.

“The senate may wish to know that the request for the separation o‎f the states projects from the list became imperative in view of the current economic realities in the country and the pressing needs of these states to provide infrastructure and social amenities for their citizens. The total loan for the states being presented for special consideration and approval is $1.492 billion.”