Senate To Sanction $12.921Billion As FG External Loan Plan

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The Nigeria Upper Legislative has been asked to sanction $12.921 billion loans as part of the Federal Government’s 2016-2018 external borrowing (rolling) plan.
The Senate President Bukola Saraki in the chamber yesterday read the presidential request.
In the April 21 memo, “Request for approval for Federal Government 2016-2018 external borrowing rolling plan”, President Muhammadu Buhari referred to his earlier letter on the same subject matter.
The request is believed to be part of the $29.96 billion loan earlier rejected by the Senate.
The memo reads in part: “I wish to refer to my earlier letter in respect of the above subject and to inform the distinguished Senate that the China-Exim Bank has approved our request for a loan to execute the Lagos-Kano Railway modernisation project (Kano-Kaduna segment) for a sum of $1.231 billion.
“The Chinese have also informed us that approval of the Lagos-Kano railway modernisation project (Kano-Kaduna segment) and coastal Railway project. Lagos-Calabar segment, are imminent.”
The letter listed China-Exim supported projects to include: Lagos-Kano railway modernisation project, the Lagos-Ibadan segment ($1.231billion); Lagos-Kano railway modernisation project, Kano-Kaduna segment ($1.146 billion); and Coastal Railway project, Lagos-Calabar segment ($3.474 billion) – all totalling $5.851 billion.

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