Reps approve Buhari’s $5.8bn loan request, $10m Grant

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By Levinus Nwabughiogu

House of Representatives, Tuesday gave approval to President Muhammadu Buhari’s loan request of 5.8 billion dollars and grant of $10 million.

The approval came after the consideration and adoption of report presented by the Chairman, House Committee on Aids, Loans and Debt Management, Hon. Ahmed Safana.

Safana while presenting the report  explained that the loans which were part of the Federal Government’s 2018-2020 external borrowing plan will be sourced from the World Bank, Islamic Development Bank, China Exim bank, Chinese Africa Development Fund, and International Fund for Agricultural Development.

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He further explained that out of the total borrowing of $5.8 billion covers $2.3 billion for the Grid Modernization and Expansion Programme, $290,000,000 for the malaria project, $700,000,000 for the Sustainable Water Supply, Sanitation and Hygiene (WASH) Project,…



Source: Vanguard Newspaper

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