The Presidency has listed the components of the $21.5bn loan proposal of President Bola Tinubu, which has been approved by the Senate.
In a post on Facebook, a presidential media aide, Temitope Ajayi, wrote:
Moving Ahead with Nigeria!
Yesterday, the National Assembly approved the new six-year borrowing plan presented by President Bola Tinubu Federal that covers projects to be undertaken by both the Federal and some state governments.
In the plan, President Tinubu allocated $3 billion to revamp the 2,044km Eastern rail line stretching from Port Harcourt to Maiduguri. This bold move will certainly unlock the economic potential of the South East and its surroundings.
Similarly, the sum of $2billion dollars will fund the Lagos Green Light Rail project which has already commenced with Lagos Metropolitan Area Transport Authority (LAMATA) taking the lead as the executing agency for Lagos State Government.
Also from the plan, $1.14 billion and $1.07 billion will fund Eastern and Western Super Grids to strengthen and stabilise electricity supply.
Other projects to be funded under the borrowing plan are as follows:
1. $1.33 billion for the Construction Akwanga–Jos–Bauchi–Gombe dual carriageway, with a four-year completion period.
2. $100 million for the Chinese-backed projects under the Presidential Power Initiative aimed at improving electricity distribution infrastructure.
3. $116 million for high-voltage transmission lines to evacuate 700 megawatts of electricity from the Zungeru hydropower station.
4. $508 million will fund the modernisation of Nigeria’s eastern port infrastructure
5. $596.2 million to procure rolling stock on the Kaduna–Kano section of the national rail network project.
6. $100 million for the National Youth Entrepreneurship Investment programmw with a five-year implementation period to be funded by AfDB.
7. $45 million for Sokoto State Health Infrastructure Project to be funded by AfDB .
8. $50 million for Yobe State’s Integrated Climate Action Project to be funded by AfDB.
9. $250 million for Lekki Access Road — also known as the 7th Axial Road Project — to be funded and delivered within 3 years by Export Credit Agency.
10. $540 million for Nigeria Border Security Project under the second phase of a broader national security initiative to be funded by Export Credit Agency.
11. Additional $700m for the Lagos-Calabar Coastal Highway project to be funded by Export Credit Agency.
12. ¥150 billion for the Emergency food security programme, to be funded by Japan’s International Cooperation Agency (JICA).