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$4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations - Politics - Nairaland

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$4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by NewFolm4(m): 4:37am On Sep 18, 2021
•North-West, South-West ahead other regions with four mega projects

•Six zones listed as beneficiaries of $62m NASS solar power infrastructure

North-West and South-West, the geopolitical zones of the President, Major General Muhammadu Buhari (retd.), 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 our 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.

The President is from Katsina State in the North-West while Vice-President Yemi Osinbajo is from Ogun State in the South-West.

Our correspondent, however, noticed that most of the projects that were listed for the two zones are projects that are common to all the geopolitical zones or more than two zones, leaving only one project that is peculiar to the South-West and two that are peculiar to the North-West.

The only project peculiar to the South-West is the Lagos-Ibadan railway modernisation project (Apapa-Tin Can Island Ports Project); while the two that are peculiar to the North-West are the Kaduna Bus Rapid Transport Project and the Kano-Katsina-Jibiya-Maradi Rail Line.

Apart from the North-West and South-West that have 13 projects each, 11 projects each were allocated to the North-Central, North-East and South-East while 10 projects were allocated to the South-South.

Curiously, however, the provision of 17 megawatts hybrid solar power infrastructure for the National Assembly complex which is to be funded with the $62,120,000 to be provided by Standard Chartered Bank/China Export and Credit (SINOSURE) was listed as item 9 for all the six geopolitical zones as beneficiaries.

This is despite the fact that the impact of the project was stated in one of the documents as “to address the National Assembly complex’s power supply deficit and to reduce higher overhead burdensome cost of running and maintaining fossil fuel generators (25 megawatts installed capacity) to power the National Assembly complex.”

Besides the projects peculiar to the geopolitical zones, however, are many others that have all the geopolitical zones as beneficiaries.

They include the $750,000,000 World Bank’s facility for State Fiscal, Transparency, Accountability and Sustainability Programme for Results: the $400,000,000 Nigeria COVID-19 Preparedness and Response Project – Additional Funding; the $700,000,000 Agro-Climatic Resilience in Arid Zone Landscape Project; and the $700,000,000 Nigeria Sustainable Water Supply, Sanitation and Hygiene Project.

Others are the €100,000,000 National Identity Management Project; the $500,000,000 Livestock Productivity and Resilience Support Project; the $276,981,586 three power renewable energy projects and the $200,000,000 Agro-Processing Productivity Enhancement and Livelihood Improvement Support Project, among others.

The PUNCH had reported on Friday that five bodies would jointly provide the $4,054,476,863 component of the loan.

They include the World Bank – $3,250,000,000; China Exim Bank – $225,120,000; IFAD- $50,000,00; European ECA/KfW/IPEX/APC -$190,255,276; Bank of China -$276,981,587; and Standard Chartered Bank/China Export and Credit (SINOSURE) – $62,120,000.

The Euro component of €710m will be provided by AFD – €210,000,00 and Credit Sussie Group €500,000,000 while the World Bank will provide the grant components of $125m.

Part of Buhari’s letter to the National Assembly had read, “I write on the above subject and submit the attached addendum to the proposed 2018-2020 external rolling borrowing plan for the consideration and concurrent approval of the Senate for the same to become effective.

“The distinguished Senate President may recall that I submitted a request on the 2018-2020 borrowing plan for the approval of the Senate in May 2021.

“However, in view of other emerging needs and to ensure that all critical projects approved by the Federal Executive Council as of June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan.

“The projects listed in the external borrowing plan are to be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD in the total sum of $4,054,476,863 and €710m and grant components of $125m.

“A summary of some key projects in each of the six geopolitical zones and a summary on the expected impacts on the socioeconomic development of each of the six geopolitical zones are attached herewith as Annex II and III.”
https://punchng.com/4-9bn-fresh-loans-buhari-osinbajo-zones-get-highest-project-allocations/

2 Likes

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by ogeenanthony(m): 4:58am On Sep 18, 2021
grin
Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by Donvinci(m): 4:58am On Sep 18, 2021
2nd
Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by chrisxxx(m): 4:59am On Sep 18, 2021
Nothing for South South that her resources will be raped to pay the loan.

51 Likes 7 Shares

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by Babandia27: 4:59am On Sep 18, 2021
Thats d politics we are talking about. God bless nigeria.

1 Like

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by olu77(m): 5:00am On Sep 18, 2021
Chai! Who go pay these loans? These people have sold this country and are only taking the payment in installments. Loans for infrastructural development will make sense if there is security and the environment is conducive for both local and foreign investors

5 Likes 1 Share

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by Nobody: 5:01am On Sep 18, 2021
Tired of arguing over what would eventually go down the drain..

Dollar at 570 and not a single press statement from anyone..

30 Likes 2 Shares

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by Luckydubby7(m): 5:01am On Sep 18, 2021
Yeye one Nigeria.
That's for president and vice na.

7 Likes 1 Share

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by MARKone(m): 5:04am On Sep 18, 2021
chrisxxx:
Nothing for South South that her resources will be raped to pay the loan.

They are paying militants already na, if worse comes to worst, and to avoid more problems with Niger Delta Iron men, Niger Delta Thor, Hulk and the rest, collectively known as Niger Delta Avengers, the Fulani led Government will increase the Allocation to the Super Heros, and everywhere will be calm.

42 Likes 3 Shares

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by BigDolph(m): 5:05am On Sep 18, 2021
Believe those old cargos at your peril

1 Like

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by slickbak(m): 5:06am On Sep 18, 2021
Which project them dey do 4 NW sef with such insurgence.

Construction workers will obviously be ransomed.

1 Like

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by alfredo4u(m): 5:07am On Sep 18, 2021
Tacha y
Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by chrisxxx(m): 5:10am On Sep 18, 2021
MARKone:


They are paying militants already na cheesy
I hear you. Those who are not militant have also heard you.

6 Likes

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by Yobabad: 5:10am On Sep 18, 2021
Unfortunately nothing will still come out of it, Nigerian leaders don't know their priority

3 Likes

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by Timagex(m): 5:13am On Sep 18, 2021
God o!! shocked shocked shocked shocked






Abeg, hunger go soon wire creative wedding photographer o. shocked grin grin. I no get anywhere to borrow money.... patronize the best.... cool

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by cenaman(m): 5:15am On Sep 18, 2021
Buhari amaka.

2 Likes

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by Urbanchampion: 5:19am On Sep 18, 2021
False claims. I'm rest assured that the loan is going to individual accounts.

2 Likes 1 Share

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by free2ryhme: 5:27am On Sep 18, 2021
Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by cruxifixo: 5:28am On Sep 18, 2021
Even in the SW, the projects will most likely be in Ogun and Lagos state.

2 Likes

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by TheRareGem1(f): 5:31am On Sep 18, 2021
These two have tried when it comes to transformation of our infrastructural development, and they are writing a different stories compared to Babangida who did roads for almost all the states but refused to construct Niger state. No state that does not feel the presence of infrastructure in Nigeria. So kudos to them.

4 Likes

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by CXLVII: 5:52am On Sep 18, 2021
God bless President Buhari

2 Likes

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by kpukpuyenke: 5:54am On Sep 18, 2021
Even if SS and SE get the highest allocation people will still complain.

Na default settings for Nigerians to complain to anything and everything

7 Likes

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by Aufbauh(m): 6:01am On Sep 18, 2021
Buhari is regarded as Mr Infrastructure according to my Dad.

5 Likes

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by santakris(m): 6:10am On Sep 18, 2021
chrisxxx:
Nothing for South South that her resources will be raped to pay the loan.

That's bad. Very bad

2 Likes

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by engrben25: 6:11am On Sep 18, 2021
mama g sing am some years back

share the national moi moi divide the national cake chop your own I chop my own our government will not chop alone
Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by Poiu11: 6:12am On Sep 18, 2021
sad
Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by techWriter1: 6:12am On Sep 18, 2021
anything for South South that her recourses will wanna seduced to payment the credit.
Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by Terone: 6:18am On Sep 18, 2021
Okay
Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by IdJack(m): 6:18am On Sep 18, 2021
Oh South South that her resources will be used to pay the debt.

This is the so sad.

Kindly check my signature

2 Likes

Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by ggenius77: 6:19am On Sep 18, 2021
Like serious
chrisxxx:
Nothing for South South that her resources will be raped to pay the loan.
Re: $4.9 Billion Fresh Loans: NW And SW Zones Get Highest Project Allocations by Blackfire(m): 6:19am On Sep 18, 2021
You can rant online

We will do what we want



North2023
I say it again


North2023

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