Osinbajo seeks approval for $1.28bn foreign loan

Acting President Yemi Osinbajo has requested the House of Representatives to approve a $1.28 billion World Bank loan facility.

The acting president said the request was in view of the omission of same in the Development Bank of Nigeria (DBN) and Fund for Agricultural Finance in Nigeria (FAFIN-II) in the 2016-2018 external borrowing plan.

In a letter read yesterday by Speaker Yakubu Dogara during plenary, Osinbajo said the proposed loan facility was omitted in the external borrowing plan approved by the National Assembly.

The acting president added that, “The Bank is being supported by the World Bank Group, African Development Bank, KfW Development of Germany and French Development Agency in the sums of USD500m, USD450m, USD200m and USD130m respectively.

“The facility in the sum of $1.28 billion appeared to be inadvertently omitted in the 2014-2016 external borrowing plan approved by the National Assembly in March”, he added.

He said Fund for FAFINII is being supported by KfW Development Bank of Germany in the sum of 9million Euro.

“In view of the importance attached to these two projects by our administration, it has become imperative to seek for your usual understanding and kind consideration for the inclusion of the DBN and FAFIN-II into the 2016-2018 external borrowing plan as addendum,” he said.