National Assembly

NASS To Spend N25billion From Buhari’s Fresh Foreign Loans

NASS To Spend N25billion From Buhari’s Fresh Foreign Loans

Information reaching Naija News House says that NASS To Spend N25billion From Buhari’s Fresh Foreign Loans

The ninth Senate will get a total of $62million (N25,453,568,614.63) from the about $16.2billion fresh foreign loan which it approved for the Muhammadu Buhari government.

The National Assembly on Wednesday approved $16,230,077,718 (N6trillion) and €1,020,000,000 (N479billion) loans requested by the Nigerian president, Buhari.

The upper legislative chamber also approved grant components of $125million.

Buhari’s Fresh Foreign Loans

Buhari's Fresh Foreign Loans

According to Tribune, part of the N25billion is reportedly allocated for the construction of a 17mw hybrid solar power plant in the National Assembly and will be funded by SINOCUTE standard chartered bank.

According to the report, documents on the proposed loan and project quoted actual amount of the Solar Power Plant in NASS to be $60.1million without stating what the balance of $2million will be expended on.

The report reads: “The Committee notes that the Project includes, but is not limited to the construction of 17MW hybrid solar power plant for the use of the National Assembly Complex, Abuja.

“The Committee notes that the contract was awarded to SEPCOIII Electric Power Construction Co., Ltd and NEWTECH Global Network Limited as the Consortium at a total value of $60,120,000.”

The report of the Senate Committee on Local and Foreign Debts led by Senator Clifford Ordia on the borrowing plans, $100million is projected for the Ministry of Women Affairs for the execution of unspecified Nigeria for Women Projects.

It further stated, “The Committee notes that the project is intended to support livelihoods for 324,000 women over the age of 18 years in targeted local Governments in the States of Abia, Kebbi, Niger, Ogun and Taraba.
“Committee notes that each participating State receives $15m but Edo State declined participation in the project leaving 5 States instead of 6.

“The Committee notes that the objective is to assist women to enhance household income through grants and to meet specific lifecycle needs and to mitigate some household expenses.
“The Committee further notes that the States have executed a Subsidiary Loan Agreement with the Federal Ministry of Finance, Budget and National Planning for the lending agreement.”

Buhari’s Fresh Foreign Loans

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