FG seeks approval of senate for $22.8bn external loan request for infrastructure development

The Federal Government on Tuesday seeks the approval of Senate for concessionary external borrowing of 22.8 billion dollars for development of infrastructure across the country.

Minister of Finance and National Planing, Mrs Zainab Ahmed made the presentation on behalf of the federal government, when she appeared before Senate Committee on Local and Foreign Debts.

Ahmed said the loans which was part of the 2016 to 2018 external borrowing plan was designed to enhance productivity of the economy via development of roads, railway lines, electricity projects, agriculture among other sectors.

According to her, the loan will also assist in provision of soft loan for Small and Medium Enterprises (SMES) in the country and ultimately improve employment generation in the country.


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