By Taiye Odewale Abuja
Barely fi ve months after the Senate rejected a $29.96 billion loan request from President Muhammadu Buhari, a similar request on two separate templates totaling $12.912 billion has been received by the upper legislative chamber from the President for approval. In the fresh request made under the same 2016-2018 External Borrowing (Rolling) Plan, President Buhari is seeking the nod of the NationalAssembly to secure a $5.851 billion from the China Exim Bank. He is also asking the National Assembly to approve another $6.926 billion from the World Bank. Th e two loan requests total $12.912 billion. According to the breakdown of the loan request, Lagos-Kano railway modernisation project and the LagosIbadan segment will gulp $1.231 billion.
Part of President Buhari’s letter read: “As you are aware, the funds available under the China/Africa fund are limited and loan applications from all African countries are funded based on fi rst come fi rst serve. And, therefore, there is an urgent need for us to sign these loans as soon as they are approved or we will lose out in the event that we delay in signing the loan agreement. Th ese loans form part of our overall rail funding strategy.
“We are already in the process of completing the concession of the Port Harcourt to Maiduguri line to immediately link the eastern part of the nation. We fully intend to source further concessioning funding to ultimately upgrade this critical line to high speed standard gauge line. Th ese projects form part of our overall plans to resuscitate the rail transport across the nation and thereby drive inclusive growth. “You may also recall my earlier request for the speedy clearance of some emergency projects earmarked for the North-east in the 2016-2018 borrowing plan. You will also recall that my request was based on the need to consolidate the relative peace at that time.
Since then the situation as you are aware, has changed dramatically and introduced even more urgency to the situation in the zone than ever before. “However, for us to be able to do this there is need for urgent consideration of the identifi ed projects, which will enable us to start reconstruction and rehabilitation of the region in other to create jobs for the people and rehabilitate the schools to get the children of the streets into schools.” “Distinguished Senate, an expeditious consideration and approval of these requests will go a long way in bringing stability to the North East and improvement on the infrastructure and by extension a great improvement in the economy and livelihood of our people.
“In view of the above, the Distinguished Senate is invited to urgently consider and approve all the above projects totalling a sum of $6.926billion to enable us commence the construction and rehabilitation of the North East, provide for the poor and most vulnerable people and commence rail projects in earnest,” the letter further read.
