Vice President, Yemi Osinbajo has written to the National Assembly seeking approval for foreign loan requests of about $1.49 billion to ten states of the federation for crucial infrastructural projects.
The letters were read by the Senate President Bukola Saraki and Speaker of the House of Representatives on Tuesday’s plenary.
The ten states seeking for the loan include Ogun, Ebonyi, Kaduna, Kano, Abia, Katsina, Jigawa, Enugu, Plateau and Ondo states. According to the state governors, the loan would be used in the provision of water, health, agriculture and infrastructural development.
Osinbajo’s letter states that the funding is to be sourced from the African Development Bank, French Development Agency, World Bank and Islamic Development Bank at low-interest rates hence the request for approval to enable the ten states to seek for external financing of the critical projects.
Photo credit: Sumner Shagari Sambo