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See List Of 10 Nigerian States Set To Borrow $1.5 billion From Islamic Bank

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Following acting president Yemi Osinbajo’s letter to Nigeria’s bicameral National Assembly urging the legislative arm of the government to put into consideration and ensure an accelerated approval to borrow a total sum of $1.5 billion from multilateral agencies and France by 10 states of the federation, the acting president has given the list of states in the need of the loan. 

According to Premium Times, the states’ loans requests were parts of the 2016-2018 External Borrowing (Rolling) Plan whose approval the presidency had sought since last August.

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In his letter to both Senate President Bukola Saraki and Speaker Yakubu Dogara, the acting president wrote: “I write in reference to my earlier letter requesting for the consideration and approval of the Senate (and House of Representatives) for the 2016-2018 External Borrowing Rolling Plan and to request the Senate (and the House) to separate the States’ Projects from the items listed therein with a view to giving them accelerated consideration.”

The letter, dated June 1, 2017, was read in both chambers of the National Assembly on Tuesday.

Here is list of the states in need of the loans

Ogun state – $350 million

The state wants to access $350 for state Development Policy Operation (DPO) from the World Bank.

Kaduna state – $350 million; Like Ogun state, Kaduna state wants to access $350 for state Development Policy Operation (DPO) from the World Bank.

Ebonyi state – $70 million

For Ebonyi Ring Road Project. The credit facility will be co-financed by the African Development Bank and the Islamic Development Bank

Abia state – $100 million 

$100 million will be used for Abia Rural Access and Mobility Project. The credit facility will be co-financed by the African Development Bank and the Islamic Development Bank.

Katsina state – $110 million

Katsina, Health System Project, $110 million loan will be obtained from Islamic bank

Jigawa state – $32.4

$32.4 million loan will be obtained from Islamic bank

Kano state – $200 million.

$200 million is expected to be used for integrated agricultural and water resources development will be obtained from Islamic bank. Plateau, Enugu, Kano and Ondo states – $200 million The money is for the states respective third National Urban Water Sector Reform Project (NUWSRP-III) and it will be accessed from the French Development Agency. The proposed states loans amount to $1,492,400,000. 

Osibanjo went further to tell the National Assembly that: “It will be highly appreciated if could kindly give this request an expedited consideration and approval to enable states meet up with all other effectiveness conditions for the implementation of the projects in their respective states.”

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