NASS approves $1.8bn loan for railway projects, $750m for 5 States
Senate, yesterday, approved the $1.806 billion Federal Government 2016-2018 external borrowing (rolling) plan for Lagos-Kano railway modernization project and reconstruction/rehabilitation of the North-East.
It also approved the $750 million medium term external loan requests for six states, out of the Federal Government’s request of $1.49 billion for 10 states.
The breakdown of the utilisation of the $575 million World Bank loan includes $125 million for polio eradication support and routine immunisation project, $75 million for community and social development project, and $125 million for Nigeria States Health Programme Investment project.
Others are $100 million for State Education Programme Investment project, $100 million for Nigeria Youth Employment and Social Support Project and $50 million for Fadama III project. Further breakdown of the approved loans are $70 million from African Development Bank (ADB) for Ebonyi Ring Road Project (to be co-financed by Islamic Development Bank), $200 million ADB facility for Rural Access and Mobility Project (RAMP) in Abia State, and $200 million IDB loan for Kano State Integrated Agricultural and Water Resources Development.