President Muhammadu Buhari led Federal Government plans to construct a standard gauge rail from Kano State in Nigeria to Maradi in Niger Republic with the fresh external loans he is asking the National Assembly to approve.
Recall that Checkout Magazine reported that President Buhari sought the National Assembly’s approval of fresh external loans of $4.054bn and €710m ($839m) for his administration.
He also sought the legislature’s approval for grant components of $125m in the 2018-2020 external rolling borrowing plan.
Buhari, in a letter dated August 24, 2021, written to the leadership of the national assembly explained that the projects listed in the 2018-2021 Federal Government Borrowing Plan would be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank International Fund for Agricultural Development, Credit Suisse Group and Standard Chattered/China Export and Credit in the total sum of $4,054,476,863 and €710m (839m) and grant components of $125m.
According to the President, summary of some key projects in each of the six geopolitical zones that will be funded by the loans and a summary on the expected impacts on the socioeconomic development of each of the six geopolitical zones were attached to the letter.
According to the breakdown obtained exclusively by one of our correspondents from the Ministry of Finance, Budget and National Planning, five international bodies will jointly provide the $4,054,476,863 component of the loan.
On the expected impact of the project on the geo-political development, the Federal Government wrote, “The project is to link Nigeria with Niger Republic from Kano-Katsina-Daura-Jibiya-Maradi with branch to Dutse.
“It is part of the Trans-Africa Railway System and it is expected to improve the international trade between Nigeria, Niger and other North-Africa countries.”
