FG Seeks Approval for $1.5b Foreign Loan

By Modupe Gbadeyanka

Federal Government has written to the National Assembly requesting an approval to borrow $1.5 billion from international organisations to funds some “critical” projects in about 10 states of the federation.

Acting President, Mr Yemi Osinbajo, transmitted the letter to the legislative arm of government on Tuesday.

The letter was read yesterday at the respective floors of the Senate and House of Representatives by the Senate President, Mr Bukola Saraki, and the Speaker, Mr Yakubu Dogara.

According to Mr Osinbajo, the loan request was part of the 2016-2018 External Borrowing Plan of the Federal Government.

A part of the letter said, “The request for the separation of the state projects became imperative in view of the current economic reality in the country and the pressing need of these states to provide infrastructural and social amenities for their citizens.”