The Senate has received a request from President Muhammadu Buhari to approve donor fund projects under the 2018-2020 Federal Government External Borrowing (Rolling) Plan.
The request was contained in a letter addressed to the Senate President, Ahmad Lawan, dated 6th May, 2020, and read during plenary on Tuesday.
According to President Buhari, the Upper Chamber’s approval would enable projects listed under the 2018-2020 External Borrowing Plan to be financed through sovereign loans from the World Bank, African Development Bank (AfDB), French Development Agency (AFD), Islamic Development Bank, China EXIMBank, China Development Bank, European Investment Bank, European ECA, KfW, lPEX, AFC, India EximBank and International Fund for Agricultural Development (IFAD).
He added that the projects are geared towards the realization of the Nigerian Economic Sustainability Plan that cut across key sectors such as Infrastructure, Health, Agriculture and Food Security, Energy, Education and Human Capital Development and COVID 19 Response efforts in the six geo-political zones of the country.
The letter reads, “It is with pleasure that I forward the list of all the Donor funded projects under the 2018-2020 Federal Government External Borrowing (RoIIing) Plan for the consideration and concurrent approval of the Senate for same to become effective.
“The Projects listed under the 2018-2020 External Borrowing Plan are to be financed through sovereign loans from the World Bank, African Development Bank (AfDB), French Development Agency (AFD), Islamic Development Bank, China EXIMBank, China Development Bank, European Investment Bank, European ECA, KfW, lPEX, AFC, India EximBank and International Fund for Agricultural Development (IFAD) at a total sum of USD 36,837,281,256 plus Euro 910,000,000 and Grant Component of USD 10,000,000.
“Distinguished Senate President may wish to know that the projects and programmes in the Borrowing Plan were selected based on positive, technical and economic evaluations as well as the contribution they would make to the socio economic development of the country including employment generation and poverty reduction as well as protection of the most vulnerable and very poor segments of the Nigerian society.
“Distinguished Senate President may also wish to know that all the listed projects form part of the 2018-2020 External Borrowing Plan covered both the Federal and States Governments’ Projects and are geared towards the realization of the Nigerian Economic Sustainability Plan that cut across key sectors such as Infrastructure, Health, Agriculture and Food Security, Energy, Education and Human Capital Development and COVID 19 Response efforts.
“A summary of some key projects in each of the six geo political zones and a summary on the expected impacts on the socio economic development of each of the six (6) geo-political zones.
“Given the importance attached, to the timely delivery of the projects listed in the proposed Borrowing Plan and the benefits both the Federal and States Governments stand to gain from the implementation of same, I hereby wish to request for the kind consideration and concurrent approval of the Senate for the 2018-2020 Federal Government External Borrowing (Rolling) Plan to enable the projects become effective.”