The Senate has approved the request by the President Muhammadu Buhari administration to borrow $22,798,446,773.00 from external sources.
The Upper Chamber approved the loan request on Wednesday following the consideration of the report of the Sen. Clifford Ordia-led Senate Committee on Local and Foreign Debts and after much controversy.
The Herald gathered that the lawmakers have given a breakdown of how the loan will be used.
Read the full statement below:
Rural water supply and sanitation – $150,000,000 (Taraba, Borno,Yobe and Gombe)
Agriculture, Transformation Agenda Support Project $200,000,000 (Nationwide)
Staple Crops Processing Zone Projects $500,000,000 (Nationwide)
Institutional-Strengthening and implementation of policy reforms $33,750,000 (Domiciled at the Federal Ministry of Works and Housing)
Emergency Road Rehabilitation and maintenance $434,700,000 (Federal Ministry of Transportation)
Development Finance Project $450,000,000 (Federal Ministry of Finance)
Lake Chad Basin Commission $13,000,000 (Nigeria, Chad, Niger, Cameroon Libya and Central African Republic)
Power Sector: Nigeria Electricity Transmission and Access Project, Power Transmission Project, TCN overall Transmission system enhancement project, vocational training in the power sector and Mambila Hydro Electricity Power Project $5,614,000,000
Ministry of Communication and Digital Economy: National Information and Communication Technology Infrastructural Backbone by Galaxy Backbone (Phase II) – $328,108,731
Education Sector: Education Sector Reform Programme renamed Batter Eduation Service Delivery for All – $500,000,000
Ministry of Niger Delta Affairs: East West Road Project – $800,000,000
Information and Culture Ministry: NTA Digitization Project – $500,000,000
Mines and Steel Sector: Development of the Mining Industry Project – $150,000,000
Federal Capital Territory: Greater Abuja Water Project – $381,095,037 and Abuja Mass Rail Project – $1,252,293,005
Transportation Sector: Lagos-Kano Railway Modernization Project (Ibadan=Kano Segment Double Track) – $5,530,000,000
Railway Modernization Coastal Railway Project (Calabar-Port Harcourt-Onne Deep Sea Port Segment – $3,474,000,000
Ministry of Health: Regional Disease Surveillance System Enhancement (REDISSE) Project in West Africa – $90,000,000.
Ministry of Humanitarian, Disaster Management and Social Development: Social inclusion and welfare advancement project now (National Social Safety Net Project) $800,000,000
Katsina State: Health System Projects $110,000,000
North East Nigeria Integrated Social Protection, Basic Health, Education, Nutrition Services and Livelihood Restoration Project – $100,000,000
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