Buhari seeks $6.4bn foreign loan

President Muhammadu Buhari has asked the National Assembly to approve a $6.9 billion loan from China Exim Bank and World Bank for infrastructural development.

The President’s request letters were separately read by Senate President Bukola Saraki and Speaker of the House Representatives, Yakubu Dogara yesterday.

The letter tagged, “Rerequest for approval of the Federal Government 20162018 external borrowing (rolling) plan” was dated April 21, 2017.

Buhari said $5.851billion would be taken from the China Exim Bank for the Lagos-Kano railway modernization project (Lagos-Ibadan segment) $1.231billion, Lagos-Kano railway modernization project (Kano-Kaduna segment) $1.146billon and coastal railway project (Lagos Calabar segment) $3.471billion.

The President said the World Bank has provided the $575million to assist the Federal Government in the reconstruction and rehabilitation of the Northeast.

He said the loan would be used for polio eradication support and routine immunization the Northeast.

Breakdown of the request also shows that, community and social development project $75m, Nigeria States health program $125m, state education program investment project $100m, Nigeria youth employment and social support project $100m and Fadama III project $50m.

He said $500m was being sought from the World Bank in to extend the National Social Safety Net Program conceived to assist the poor in the country from eight states to nationwide.

President Buhari urged the lawmakers to urgently consider and approve the projects totalling $6.926bn to enable reconstruction and rehabilitation of the Northeast, “provide for the poor and most vulnerable people and commence the rail projects in earnest. I believe your early approval would lead to a quick recovery of our economy and return it to a path of growth.”