Sidebar

Exclusive Reports

28
Thu, Mar

Top Stories
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

In line with its constitutional mandate the Senate on Thursday approved external loans for 10 states totaling $750m for the financing of various projects for states across the country. The benefitting states are Kaduna, Ogun, Ebonyi, Abia, Katsina, Jigawa, Kano, Enugu, Plateau and Ondo.

 


Abia State is getting $200m for Rural Access and Mobility Project from the African Development Bank while Ebonyi gets $70m for Ebonyi Ring Road Project (to co-financed by Islamic Development Bank); Enugu, Kano, Plateau and Ondo jointly get $200m for the National Water Urban Sector Reform.

 

The Islamic Development Bank will finance the Integrated Agricultural and Water Resources Development project in Kano with $200m; and the Ebonyi Ring Road Project with $80m (to be co-financed with African Development Bank). Enugu and Kano states will jointly get $100m from the French Development Agency for the Third National Urban Water Sector Reform Project.

 

Recall that the Acting President Yemi Osinbajo had written to the Senate to seek legislative approval for separation of state projects from the 2016-2018 External Borrowing (Rolling) Plan of the Federal Government. The upper chamber of the National Assembly had referred the request to its Committee on Local and Foreign Debts.

 

At the plenary on Thursday, the Senate approved the report by the committee which recommended that the request be granted. The panel called for effective oversight by relevant Senate committees on the implementation of the projects for which the loans were taken.

BLOG COMMENTS POWERED BY DISQUS