Fresh Loans : Buhari, Osinbajo Zones Get Highest Project Allocations

North-West and South-West, the geopolitical zones of President Buhari, and the Vice President, Prof Yemi Osinbajo, respectively have the highest number of projects allocated to them among the projects that will be funded with the fresh external loans the President is asking the National Assembly to approve for his regime, Saturday Punch has learnt.

Buhari had asked the National Assembly to approve fresh external loans of $4.05bn and €710m for his regime.

He also sought the legislature’s approval for grant components of $125m in the 2018-2020 external rolling borrowing plan.

These were contained in a letter addressed to both chambers of the National Assembly and read by the Senate President, Ahmad Lawan, and Speaker of House of Representatives, Femi Gbajabiamila, respectively on Tuesday on the floor at the resumption of plenary.

Buhari in the letter, dated August 24, 2021, explained that the projects listed in the 2018-2021 Federal Government Borrowing Plan would be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank International Fund for Agricultural Development, Credit Suisse Group and Standard Chattered/China Export and Credit in the total sum of $4,054,476,863 and €710m and grant components of $125m.

According to the President, a summary of some key projects in each of the six geopolitical zones that will be funded by the loans and a summary on the expected impacts on the socioeconomic development of each of the six geopolitical zones were attached to the letter.

According to the breakdown obtained exclusively by Punch correspondent, 13 key projects each to be funded with the loans were listed for the North-West and South-West, making them the geopolitical zones with the highest number of projects.

-Punch