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Buhari’s govt to execute 15 projects with $4bn external loan – Presidency

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Obasanjo speaks from both sides of his mouth, should not be taken serious —Presidency

The Presidency said on Saturday the Federal Government would execute a total of 15 projects spread across the six geo-political zones of the country with the more than $4 billion loan expected from multilateral institutions.

The Senior Special Assistant on Media and Publicity to the President, Garba Shehu, who disclosed this in a statement in Abuja, said the loan is under the 2018-2021 medium-term external borrowing plan.

He added that President Muhammadu Buhari had already requested the Senate to approve sovereign loans of $4.054billion and €710million as well as grant components of $125million for the proposed projects.

Shehu stressed that the loans would be sourced from the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund for Agricultural Development (IFAD), Credit Suisse Group and Standard Chartered/China Export and Credit (SINOSURE).

The statement read: “The President’s request to the Senate listed 15 proposed pipeline projects, the objectives, the implementation period, benefiting states, as well as the implementing Ministries, Departments and Agencies (MDAs).

“A breakdown of the Addendum to the Proposed Pipeline Projects for the 2018-2021 Medium Term (rolling) External Borrowing Plan shows that the World Bank is expected to finance seven projects including the $125million grant for ‘Better Education Services for All.’

The presidential aide said Global Partnership for Education grant is expected to increase equitable access for out-of-school children and improve literacy in focus states.

He expressed the hope that the grant, which would be implemented by the Federal Ministry of Education and the Universal Basic Education Commission (UBEC) would strengthen accountability for results on basic education in Katsina, Oyo, and Adamawa States.

READ ALSO: Buhari govt spends N11.679tn on debt servicing in five years –Report

“Other projects to be financed by the World Bank are the State Fiscal, Transparency, Accountability and Sustainability Programme for Results as well as the Agro-Processing, Productivity, Enhancement and Livelihood Improvement Support Project.

“The benefiting states for the agro-processing project included Kogi, Kaduna, Kano, Cross River, Enugu and Lagos with the Federal Ministry of Agriculture and Rural Development as the implementing ministry.

“The objective of the project is to enhance agricultural productivity of small and medium scale farmers and improve value addition along priority value chains in the participating states.

“The World Bank will also finance the Nigeria Sustainable Water Supply, Sanitation and Hygiene (WASH) project in Delta, Ekiti, Gombe, Kaduna, Katsina, Imo, and Plateau States, for the next five years.

“When completed, the project will improve rural water supply, sanitation and hygiene nationwide towards achieving Sustainable Development Goals (SDGs) for water supply and sanitation by 2030.

“Under the external borrowing plan, the World Bank supported projects also include Nigeria’s COVID-19 Preparedness and Response Project (COPREP) under the supervision of the Federal Ministry of Health and Nigeria Centre for Disease Control (NCDC).

“The project, which has an implementation period of five years, will respond to threats posed by COVID-19 through the procurement of vaccines.

“Furthermore, no fewer than 29 states are listed as beneficiaries of the Agro-Climatic Resilience in Arid Zone Landscape project, which is expected to reduce natural resource management conflicts in dry and semi-arid ecosystems in Nigeria.”

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