The federal government is to borrow N25.5bn ($62.1m) to construct 17MW hybrid solar power infrastructure for the National Assembly.
The loan is part of the President Muhammadu Buhari’s N7.6trn external borrowing request approved by the Senate Wednesday.
The chairman of the Senate Committee on Local and Foreign Debts, Senator Clifford Ordia, said his panel found that of the $22.8bn approved by the National Assembly under the 2016-2018 External Borrowing Plan, only $2.8bn, representing 10 percent, had been disbursed to Nigeria.
The committee, in its report, listed various proposed projects to be financed by the loans.
The $62.1m loan earmarked for construction of solar power plant in the National Assembly would be sourced from SINOCURE/Standard Chartered Bank.
The contract, according to the report, was awarded at a total value of $60.1m.
However, the report was silent on what the balance of $2m would be used for.
According to the report, the government also earmarked $100m to execute a project in the Ministry of Women Affairs tagged “Nigeria for Women Projects”.
The project, according to the document, is to support livelihoods for 324,000 women over the age of 18 years in targeted local governments in states of Abia, Kebbi, Niger, Ogun and Taraba States.
The Presidential Committee on Livestock Sector Reforms Implementation has submitted its inception report to President…
On Monday, the National Examinations Council (NECO) released the results for the 2024 SSCE external…
The Osun State Police Command has apprehended suspected members of the proscribed Yoruba Nation group.…
Lobi Stars have ramped up preparations for their Nigeria Premier Football League matchday three clash…
The Nigerian Army has reported that its troops have effectively neutralized terrorists, recovered weapons, and…
Galatasaray forward, Michy Batshuayi has clarified that there is no rivalry between him and Super…