President Muhammadu Buhari has sought the approval of the National Assembly for external loans amounting to $6.92billion from the China Exim Bank and World Bank respectively.
The breakdown of the loan facility from China Exim Bank include: $1.231 billion for Lagos-Kano railway modernisation project (Lagos-Ibadan segment); $1.146 billion for Lagos-Kano modernisation project (Kano-Kaduna segment) and $3.474 billion for the Coastal railway project (Lagos-Calabar segment) totalling N5.851 billion.
According to President Buhari, the World Bank approved two loans worth $575 million to assist the Federal Government in the reconstruction and rehabilitation efforts in the North-East, as well as for procurement of vaccines and other ancillary facilities for national routine immunisation to eradicate polio after the outbreak in the North East region.
Similarly, the President requested for the National Assembly’s approval for a World Bank assisted $500 million loan to help expand the assistance and support to the poor and most vulnerable, especially in these difficult times.
KEHINDE AKINTOLA & OWEDE AGBAJILEKE, Abuja
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