Osinbajo writes Senate, seeks approval for $1.5bn loan

Acting President, Prof. Yemi Osinbajo, has written to the Senate, requesting approval for one billion, four hundred and ninety-two million, four hundred thousand dollars ($1,492,400,000,00) external loan.

Senate President, Bukola Saraki, while reading the letter at plenary, on Tuesday, said, the loan was part of the federal government’s external borrowing plan, meant for projects in ten states.

The states include; Kaduna, Ogun, Ebonyi, Abia, Katsina, Jigawa, Kano, Enugu, Plateau and Ondo.

The loan is to be sourced from four donor agencies – World Bank, African Development Bank (AfDB), Islamic Development Bank and French Development Bank.

The states are to benefit from the loan as follows :

Kaduna – $350 million

Ogun – $350 million

Ebonyi – $70 million

Abia – $100 million

Katsina – $110 million

Jigawa – $32.4 million

Ebonyi – $80 million

Kano – $200 million

Enugu, Kano, Plateau and Ondo – $200 million.

“It will be highly appreciated if you could kindly give this request an expedited consideration and approval to enable the states meet up with all other effectiveness conditions for the implementation of the projects in their respective states,” the letter reads in part.