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Nigeria still waiting to receive approved $5.83bn foreign loans – DMO

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DMO: Domestic debt servicing increased by over N247bn in 2017

The Debt Management Office (DMO) has disclosed that more than $5.83bn foreign loans that have been approved are yet to be received as of December 31, 2020.

The loans are from the Export-Import Bank of China, Agence Francaise De Development, International Development Association, European Development Fund and African Development Bank.

The loans were agreed between 2016 and 2020 for 28 projects.

Undisbursed Loan from China stood at $1.25 billion and 2.3 million yuan to fund six projects.

$3.27bn unexpected Loans from the International Development Association, a member of World Bank Group, DMO was supposed to fund 13 projects.

Read also: FOREIGN LOANS: Reps committee adjourns, set to grill Justice, Finance Ministry officials

More than 500 million Euros is still expected from Agence Francaise de Development to fund four projects.

From European Development Fund, Nigeria will collect about $425m for two projects.

Three projects will get the attention of Africa Development Bank $210 million, and 11.89 million units of account.

Some of the listed projects and agencies that would benefit from the expected funds include Nigerian Supply of Rolling Stock and Depot Equipment for Abuja Light Rail Project, the Nigerian Greater Abuja Water Supply Project, Nigerian National Information Communication Technology Infrastructure Backbone Phase II Project; Four Airport Terminals Expansion Incremental Project, the Nigerian Four Airport Terminals Expansion Ancillary Project.

By David Ibemere…

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