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FG borrows ₦ 25.5 billion to provide solar power to the National Assembly

The federal government will borrow N25.5 billion ($ 62.1 million) to build a 17 MW hybrid solar infrastructure for the National Assembly.

The loan is part of President Muhammadu Buhari’s N7.6trn external loan application approved Wednesday by the Senate.

The chairman of the Senate Commission on Local and Foreign Debts, Senator Clifford Ordia, said his panel found that of the $ 22.8 billion approved by the National Assembly under the 2016-2018 External Loan Plan, only $ 2.8 billion, or 10%, had been disbursed to Nigeria.

The committee, in its report, listed various proposed projects to be financed with loans.

The $ 62.1 million loan to build a solar plant in the National Assembly would come from SINOCURE / Standard Chartered Bank.

The contract, according to the report, was awarded for a total value of $ 60.1 million.

However, the report was silent on how the $ 2 million balance would be used.

According to the report, the government also allocated $ 100 million for the execution of a project at the Ministry of Women’s Affairs labeled “Nigeria for Women Projects”.

The plan, according to the document, is to support livelihoods for 324,000 women over the age of 18 in targeted local governments in the states of Abia, Kebbi, Niger, Ogun and Taraba.

Source: – Daily Trust

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