Senate Approves FGN’s $8.3bn, €490m External Borrowing Plan
NASS Correspondent
The Nigerian Senate has approved the Federal Government of Nigeria’s 2018-2020 external borrowing rolling plan of $8.3 billion and 490 million euros.
The total amount forms part of the 2018 – 2020 external borrowing (rolling) plan of the federal government.
According to the Media Aide of the Honourable Minister of Sports and Youth Development, Mr Kola, the fund was approved on Thursday after the Senate considered the report of the Senate Committee on Local and Foreign Debts presented on the floor by its Chairman, Clifford Ordia.
According to Ordia, the loan will financed by the World Bank, African Development Bank (AfDB), French Development Agency (AFD), Islamic Development Bank, China EXIMBank, China Development Bank, European Investment Bank, European ECA, KfW, lPEX, AFC, India EximBank and Fund for Agricultural Development (IFAD).
He said the fund will finance critical projects across key sectors such as Infrastructure, Health, Agriculture and Food Security, Energy, Education and Human Capital Development and COVID 19 Response efforts in the six geo-political zones of the country.
Recall that President Muhammadu Buhari had in May, asked the National Assembly to approve the loan.
