Acting President Yemi Osinbanjo Seeks NASS Approval For $1.49bn Foreign Loan To Help 10 States

VP Yemi Osinbanjo Seeks Approval From N’ Assembly To Request For Foreign Loan Worth $1.49 billion In Order To Help Ten States In Nigeria

The vice and acting president of Nigeria, Prof. Yemi Osinbanjo has forwarded to the National Assembly seeking the approval to request for foreign loan worth the total sum of $1.49 billion in order to assist ten states in Nigeria who are in need of crucial infrastructural projects.

The letters requesting for approval for foreign loan written by Yemi Osinbanjo were read by Senator Bukola Saraki, who is the Senate President of the federation and Speaker of the house of representatives at today (tuesday) plenary.

The ten states seeking for the foreign loan includes Ogun, Ebonyi, Kaduna, Kano, Abia, Katsina, Jigawa, Enugu, Plateau and Ondo states.

With respects to what the governors of the ten states said, they promised that the foreign loan when granted will be use in the provision of water, maintaining health stability, agricultural and infrastructural development.

In the letters sent to the National Assembly by Prof. Yemi Osinbanjo, it states that the loan will be funded by African Development Bank, French Development Agency, World Bank and Islamic Development Bank. The foreign loan according to the letter expatiated the foreign banks mentioned above will give Nigeria the loan at low interest rate when the National Assembly approved the loan request.

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