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BREAKING: REPS APPROVE PRESIDENT BUHARI’S $22.7bn LOAN

The House of Representatives has approved President Muhammadu Buhari’s $22.7bn foreign loan request. 


The request was approved after the House listened to the Committee on Loans and Debt Management give its report. 


Ahmed Safana, the Chairman of the Committee told the House that the Port Harcourt- Maiduguri rail line project has been included into the borrowing plan.


Here is a breakdown of the loan as curated by Channels TV:


• World Bank – 2, 854, 000, 000

• African Development Bank – 1,888, 950, 000

• Islamic Development Bank – 110,000,000

• JICA – 200,000,000

• German Development Bank – 200,000,000

• China Eximbank – 17,065, 496,773

• AFD – 480,000,000

Total = 22, 798, 446, 773


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