Reps approve $16.230bn, €1.020bn external loan, $125m grant

The House of Representatives, on Tuesday, approved the $16,230,077,718 and €1.020 billion for 2018-2020 external borrowing plan as requested by President Muhammadu Buhari.

The House during the consideration of the ‘Request for a concurrent approval of donor fund projects under the Federal Government Proposed 2018-2020 External Borrowing (Rolling) Plan No. 2 and Addendum to the request for concurrent approval of Multilateral Fund Projects under the 2018-2021 Federal Government External Borrowing (Rolling) Plan’, also approved the grant component of $125 million under the 2018-2020 External Borrowing (Rolling) plan.

The approval was given after the adoption of the recommendations of the Committee on Aids, Loans and Debt Management during the Committee of Supply, chaired by the Deputy Speaker, Hon Ahmed Wase.

From total sum of $16.230 billion, World Bank is to provide $3,529,300,000; China EXIM Bank – $5,078,441,252; Industrial & Commercial Bank of China – $3,902,267,260; China Development Bank – $2,893,693,930; European ECA/KFW/IPEX/AFC – $190,255,276; Standard Chartered Bank/Sinocure – $62,120,000 while Africa Development Bank (AFDB) is to provide $698,500,000.

From the total sum of €1.020 billion, the French Development Agency (AFD) is to provide €345,000,000; European Investment Bank – €175,000,000 while International Capital Market is to provide €500,000,000.

According to the approved schedule of projects, Nigeria Electrification Project – Off Grid is to receive $350,000,000 from World Bank and $200 million from AfDB; 330 KV DC North Core Interconnection of Nigeria/Niger-Benin/Togo-Burkina Faso is to gulp $29,300,000 from World Bank; Nigeria Transmission Expansion Project (NTEP-1) is to receive $210 million from Africa Development Bank (AfDB); while Northern Corridor Transmission Project is to gulp €245 million from French Development Agency (AFD).

According to the approval granted by the House, from the total external loan approved for the Digital Economy, the National Identity Management Commission project is to receive $100 million from French Development Agency.

From the total sum of $500 million approved for the industrial sector, Federal Government is to raise a Sovereign Guarantee for the Issuance of Eurobond as collateral to enable the Bank of Industry to fund its Projects worth $500 million but not more than €750,000,000 International Capital Market.

For the education sector, the Federal Ministry of Education and Universal Basic Education Commission will receive $200 million from World Bank for the Innovation Development & Effectiveness in the Acquisition of Skills (IDEAS) Project; $500 million from World Bank for Adolescent Initiative Learning and Empowerment Project (AGILE); Additional Financing for Better Education Service Delivery for All: Global Partnership for Education (Grant) of $125 million from World Bank.

From total loan of $12.065 billion proposed for the transportation sector, the Federal Ministry of Transportation is to receive $3,141,984,852 from China EXIM Bank to fund the Nigerian Coastal Railway Project: Lagos-Benin City Segment; $1,711,336,400 from China Exim Bank to fund Nigerian Coastal Railway Project: Benin-Onitsha including Onitsha Railway Bridge (Branch); $2,893,693,930 from China Development Bank to fund Nigerian Coastal Railway Project: Benin City-Warri – Yenegoa -Port Harcourt Segment; $3,902,267,260 from Industrial and Commercial Bank of China to fund Central Line Project: Abuja – Baro – Itakpe – Ajaokuta segment; $25,120,000 FROM China EXIM Bank TO FUND Lagos-Ibadan Railway Modernization Project Construction of the Branch Line (Apapa-Tin Can Island Port) and $190,255,276 from European ECA/KWF/IPEX/AFC to fund Kano-Maradi SGR with Branch to Dutse.

In the same vein, the sum of $1.789 billion proposed for the Financial and National Planning sector, Nigeria Power Sector Recovery Performance-Based Program is to gulp $750 million from World Bank and $288.500 million from African Development Bank to fund COVID-19 Response Support Program (C19RSP).

For the health sector, the Federal Ministry of Health and National Centre for Disease Control (NCDC) project is to receive $225 million from World Bank for Accelerating Nutrition Results in Nigeria Project (ANRiN); $450 million from World Bank to finance Multi-Phased Programmatic Approach-immunisation Plus and Malaria Progress by accelerating Coverage and Transforming Service (IMPACT) Project Immunisation Plus; $400 million from World Bank to finance Nigeria Covid-19 Preparedness and Response Project (COPREP)- Additional Financing.

The Federal Ministry of Women Affairs also got approval for $100 million loans from World Bank to finance Nigeria for Women Project.

Likewise, the Federal Ministry of Environment got the approval of an additional $400 million to finance the Nigeria Erosion and Watershed Management Project from the World Bank and €175 million to finance the Climate Adaptation Erosion and Watershed Project.

For the Governmental Institution, the sum of $62.120 million was approved for the provision of 17MW Hybrid Solar Power Infrastructure for the National Assembly through SINOCURE/Standard Chartered Bank.

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Reps approve $16.230bn, €1.020bn external loan, $125m grant