6 December 2017

Nigeria: Reps Approve Kaduna's U.S.$350 Million Foreign Loan

The House of Representatives yesterday approved $350 million foreign loan request by the Kaduna State Government under the state Development Policy Operation (DPO).

The House also resolved to approve all subsequent terms and conditions that would follow the loan to be provided by the World Bank, before execution.

The approval followed adoption of the two recommendations by the House committee on Aides, Loans and Debts Management, chaired by Adeyinka Ajayi (APC, Osun).

Our correspondent reports that no member from Kaduna State objected to consideration of the report and the subsequent approval.

When Speaker Yakubu Dogara called on Mohammed Musa Soba (APC, Kaduna) to know if he was against the request, the lawmaker kept mute.

Ajayi said the loan has 25 years tenure with five years moratorium, an interest rate of 1.25 percent, commitment fee of 0.5 percent, management fee of 0.75 percent as well as $142m as counterpart fund.

He said the State Executive Council and the state assembly have approved the loan and that the state appropriation law of 2017 has made provision for the utilization of part of the proceeds already scheduled for draw down in the budget.

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