Loading...

Author Topic: VP Osinbajo seeks Reps approval for additional $1.2bn external loan  (Read 394 times)

0 Members and 1 Guest are viewing this topic.

Offline Nairaland

  • Global Moderator
  • Jr. Member
  • *****
  • Posts: 83
    • View Profile


Acting President Yemi Osinbajo is seeking the approval of the House of Representatives for $1.280 billion loan for the Development Bank of Nigeria (DBN).



He said the DBN is ready to commence operation while the four foreign banks involved will commence the disbursement of the loan.

The acting President is also seeking the approval of €9m for agricultural financing to consolidate the gains of the first tranche of €10.5m.
He sent the requests as addendum to the 2016-2018 external borrowing plans.

Osinbajo, whose letter dated May 16, 2017 was conveyed to Speaker Yakubu Dogara in the Vice President’s seal and letterhead but signed with the designation of the Acting President, said the DBN was approved by the last administration but the loan facility was strangely omitted in the 2014/2016 borrowing plan by the National Assembly.
The letter reads “The Development Bank of Nigeria (DBN) is a multi-donor supported bank approved under the previous administration with the Financing Agreement executed on February 25, 2015.
“However, the facility in the sum of $1.28b appeared to be inadvertently omitted in the 2014/2016 external borrowing plan approved by the National Assembly.

“The bank is being supported by the World Bank, African Development Bank, KfW Development Germany and French Development Agency in the sum of $500m, $450m, $200m and $130m respectively.
“The bank is ready to commence operation and the donors are also ready to commence disbursement consequent upon National Assembly approval of the borrowing.
“Furthermore, Fund for Agricultural Finance in Nigeria (FAFIN-11) is being supported by KfW Development Bank of Germany in the sum of €9m.

“The first phase of (FAFIN-1) was €10.5m and the Financing Agreement was executed on October 3, 2013.
“It is an investment facility in agricultural financing.
“The first tranche of FAFIN-1 has been fully disbursed and the donor is ready to provide another tranche of €9m for FAFIN-11.
“The second tranche is for the consolidation of the gains in the investment of the first tranche.’



 

Troops withdrawn from emergency states as Reps fail to extend emergency rule

Started by jchima14

Replies: 0
Views: 182
Last post November 24, 2014, 07:16:51 AM
by jchima14
Buhari, Osinbajo sworn in as New Nigeria President, Vice President

Started by mastercode

Replies: 0
Views: 219
Last post May 29, 2015, 12:05:19 PM
by mastercode
3-Year Result Validity: JAMB Boss Asks Reps To Quash Bill

Started by Ereporter

Replies: 0
Views: 44
Last post October 21, 2016, 04:22:41 PM
by Ereporter
Nigerian Reps Murmurs over N350m office equipment as recession bite hard

Started by mastercode

Replies: 0
Views: 99
Last post October 24, 2016, 06:15:17 AM
by mastercode
Osinbajo monitors recovered loots as Presidency unleashes 9 anti-corruption weap

Started by Goodiez Chibuike Nwachukwu

Replies: 0
Views: 54
Last post October 17, 2016, 08:27:46 PM
by Goodiez Chibuike Nwachukwu
Vice President Osinbajo signs three executive orders to ease business in Nigeria

Started by lindaikeji

Replies: 0
Views: 243
Last post May 19, 2017, 12:30:48 AM
by lindaikeji
2015: PDP clears Chime, Wada?s wives for Abia reps slots

Started by jchima14

Replies: 0
Views: 183
Last post November 28, 2014, 10:45:13 AM
by jchima14
Nigerian senators and Reps members agree to reduce salaries and allowances

Started by admin

Replies: 0
Views: 171
Last post August 27, 2015, 08:55:36 AM
by admin
Nigerian house of Reps reject bill to limit political parties to five

Started by yungcrux

Replies: 0
Views: 132
Last post April 13, 2016, 01:23:34 AM
by yungcrux
House Of Reps Members Earn N10m Monthly – Abdulmumin Jibrin

Started by Ereporter

Replies: 0
Views: 87
Last post October 03, 2016, 07:44:43 PM
by Ereporter