Osinbajo Seeks Senate Approval for $1.5bn. Foreign Loan



Acting President Yemi Osinbajo has written to the Senate seeking an approval of foreign loan of $1.5 billion for some states that are ostensibly in distress.

The letter addressed to the Senate titled,  ‘Re-Federal Executive Council approval of the 2016 – 2018 external borrowing (rolling) plan’, was read by the Senate President Senator Bukola Saraki on the floor of the Red Chamber yesterday.

The acting president listed the states to include Kaduna state for Development  Policy  Operation which is seeking $350m from World Bank; Ogun State Development Policy Operation, $350m from World Bank; Ebonyi Ring Road Project $70m from African Development Bank and  Rural Access and Mobility Project (RAMP), Abia state from African Development Bank.

Others are Health System Project, Katsina, $100m from Islamic Development Bank; Integrated Rural Development Project, Jigawa State from Islamic Development Bank; Ring Road Project, Ebonyi State from Islamic Development Bank and Integrated Agricultural and Water Resources Development, Kano State, $200m from IDB.

The request also showed that four states, namely Enugu, Kano, Plateau and Ondo, are seeking $200m from the French Development Agency for third National Urban Water Sector Reform (NUWSRP-III) .

Osinbajo said the request for the separation of the states projects from the list became imperative in view of the current economic realities in the country.

“The pressing needs of these states to provide infrastructural and social amenities for their citizens. The total loans for the states being presented for special consideration and approval is $1,492,400,000.00”, he said.


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