Osinbajo seeks Senate approval for $1.492bn loan‎ for 10 states

ABUJA – By Olusegun Lawrence Nigeria’s Acting President Yemi Osinbajo, is seeking $1.492 billion foreign loan to finance capital projects in 10 states.
Consequently, he has written a letter to the Senate for approval. In a letter dated 25th May, Osinbajo said that request for the loan became imperative in view of the current economic realities in Nigeria and the urgent need of the concerned states to provide infrastructures and social amenities in those states.
The projects according to the letter include: Kaduna state Development policy operation which be funded by World Bank assisted project ‎in the sum of $350 million, Ogun State Development Policy  operation -$350 milliom, Ebonyi Ring road Project- $70 million , the donor agency for the project in Ebonyi and Abia is African Development Bank, to be co-finance by Islamic Development Bank), Rural Acess and Mobility Project( RAMP) in Abia state to gulp $100 million.
In addition, Islamic Development Bank will undertake Health System Project in Katsina with $110 million, integrated Rural Development Project ‎with $32.4 million, Ring Road Project (to be Co-financed with AFDB) with $80 million, integrated agricultural and Water Resources Development (Kano) to gulp $200 million and Enugu, Kano Plateau and Ondo will take $200 million loan from Third National Urban Water Sector Reform Project (NUWSRP-111).
“I write in reference to ‎my earlier letter requesting for the consideration and approval of the Senate for the 2016-2018 External borrowing Plan and to request Senate to separate the states’ projects from the items listed in the borrowing plan with a view ti giving them accelerated considerations.
“The senate may wish to know that the request for the separation o‎f the states projects from the list became imperative in view of the current economic realities in the country and the pressing needs of these states to provide infrastructure and social amenities for thier citizens. The total loan for the states being presented for special consideration and approval is $1.492 billion.”