The House of Representatives on Friday approved the $8,325,526,537 loan request by President Muhammadu Buhari.

The House also approved a separate €490 million loan request by the President.

The approvals came under the 2018 – 2020 External Borrowing (Rolling) Plan of the Federal Government; International Fund for Agricultural Development (IFAD)

These followed the consideration of the interim report of the Committee on Aids, Loans and Debt Management on the Proposed 2018-2020 external borrowing (Rolling) plan and the approval the recommendations therein.

The report was laid by its chairman, Hon Ahmed Safana.

The funding agencies according to the report are World Bank (WB) $796,000,000; China EXIM Bank $2,901,026,509; Industrial Commercial Bank of China $2,484,555,304; Africa Development Bank (AFDB) $104,200,000; Africa Growing together Fund (AGTF) $20,000,000; European ECA/KFW/IPEX/AFC $1,959,744,724; and Development (IFAD) 60,000,000 adding up the $8,325,526,537 sum.

The second loan of €490 million has the French Development Agency (AFD) €240,000,000 and the European Investment Bank €250,000,000 as its funding agencies according to the report.

President Muhammadu Buhari had in May, asked the National Assembly to approve the loan.

He had said the loan would enable projects listed under the 2018-2020 External Borrowing Plan to be financed.

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