Osinbajo sends fresh $1.5bn loan request to Nat’l Assembly

Acting President Yemi Osinbajo, on Tuesday, sought the approval of the National Assembly for $1,492, 400,000.00 loan for 10 states.

The loan is part of the 2016-2018 External Borrowing (Rolling) Plan.

The states are Kastina, Ebonyi, Jigawa, Kano, Enugu, Plateau, Ondo, Kaduna, Ogun and Abia.

In a letter to the Senate, which was read at plenary on Tuesday by the Senate President, Bukola Saraki, the acting president urged the legislature to separate the states’ projects from the items listed in borrowing plan, so as to give them accelerated consideration.

“You may wish to know that the request for the separation of the state’s projects from the list became imperative in view of the state current economic realities in the country and the pressing needs of these states to provide infrastructural and social amenities for their citizens.

Read also: Cartels running banks, strangulating economy, says Senate

“The total loans for the states being presented for special consideration and approval is US$ 1,492,400,000.00 as listed in paragraph in 1 above,” he wrote in the letter.

A breakdown of the loan request indicates that Kaduna and Ogun are seeking $350 million each from the World Bank.

While Ebonyi and Abia are seeking $70 million $100 million respectively from the Africa Development Bank (AfDB).

Also, Katsina is seeking $110 million, Jigawa, $32.4 million, Ebonyi, $80 million, and Kano, $200 million, all from the Islamic Development Bank.
Enugu, Kano, Plateau and Ondo are together seeking a sum of N200 million from French Development Agency.

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