Buhari govt to borrow N25.5bn for solar power at NASS complex

Despite criticism by stakeholders over the country’s huge debt profile, the Federal Government is set to borrow N25.5bn ($62.1m) for the construction and installation of a 17MW hybrid solar power infrastructure for the National Assembly.

This was disclosed on Thursday by the Chairman of the Senate Committee on Local and Foreign Debts, Senator Clifford Ordia.

According to Ordia, the loan was part of President Muhammadu Buhari’s N7.6 trillion external borrowing request approved by the Senate on Wednesday.

The lawmaker also noted that his panel found that of the $22.8 billion approved by the National Assembly under the 2016-2018 External Borrowing Plan, only $2.8 billion, representing 10 percent, had been disbursed to Nigeria.

Read also: Buhari advocates equitable distribution of COVID-19 vaccines at Paris conference

The committee, in its report, listed various proposed projects to be financed by the loans.

The $62.1m loan earmarked for construction of solar power plant in the National Assembly would be sourced from SINOCURE/Standard Chartered Bank.

The contract, according to the report, was awarded at a total value of $60.1 million.

However, the report was silent on what the balance of $2 million would be used for.

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