$22.7bn FG Loan: Southeast Excluded From Dividends… Buhari Sharing Formula Exposed

The Senate yesterday approved a $22.7 billion loan after a heated debate. Below are the projects it is going to be used for and the regions that benefited.

General:

• Emergency road rehabilitation and maintenance ($434.7m, nationwide)

– Abidjan-Lagos corridor highway development project study ($1.5m; multinational)

• Nigeria Housing Finance Project Guarantee Scheme ($100m; national)

– National Social Safety Net Project ($500m, nationwide)

– TCN overall transportation system enhancement project ($200m; nationwide)

– Nigeria Electricity Transmission and Access Project ($364m; nationwide)

– Better Education Service Delivery for All (BESDA) ($500m, nationwide)

– Development finance project ($500m, nationwide)

– Development finance project (2) ($450m, min. of power)

– MSMEs project ($1.28bn; nationwide)

– NTA digitisation project ($500m; nationwide)

– Agriculture Transformation Agenda Support Project II (ATASP) ($200m, nationwide)

– Staple crops processing zone projects (2) (500m; nationwide)

– Regional disease surveillance systems enhancement project in West Africa ($90m, nationwide)

– Fiscal Governance and Institutions Project (FGIP) ($200m, government institutions)

– Institutional strengthening and implementation of policy reforms ($33.7m, min. of works and housing)

South west:

– Power transmission project ($200m; Lagos, Ogun)

South south

– East-west road ($800m; Niger Delta)

• Railway modernisation coastal railway project (Calabar-Port Harcourt-Onne deep sea port segment ($3.47bn; Cross River and Rivers states)

South East

–

North East

– Multi-sectoral crises recovery programme ($200m, north-east)

– North-east Nigeria integrated social protection, basic health, education, nutrition services and livelihood restoration project ($100m; north-east)

North west

– Kano – Lagos railway modernisation project (kano – Ibadan segment double track) ($5.53bn; kani – Ibadan states)

– Vocational training in power sector ($50m; FCT, Lagos, Ogun. Kano, Plateau, Niger, Enugu, Kaduna and Cross River)

– Kaduna state economic transformation program for results ($35m, Kaduna)

– National Information and Communication Technology Infrastructural Backbone Project (NICTIB) phase II ($328.1m; Lagos, Abuja, Ibadan, Akure, Maiduguri, Lokoja, Kaduna, Akwanga, Bauchi, Kano, Katsina)

• Health System Project ($110m, Katsina)

– Rural water supply and sanitation ($150m; north-east, and Plateau)

– Lake Chad Basin Commission ($13m, multinational)

– Integrated programme for development and adaption to climate change in the Niger Basin ($6m; Nigeria and Niger)

– Development of the mining industry ($150m, nationwide)

North central:

– Staple crops processing zone support project ($100m, Kogi)

– Greater Abuja water supply project ($381m; FCT)

• Abuja mass rail transit project (phase 2) ($1.25bn; FCT)

– Mambila hydro-electric power project ($4.8bn; Taraba)

Summary:

General: $5,853,900,000.00

South west:-$200,000,000.00

South south:- $4,270,000,000.00

South east:-$ 0

North west:-$6,372,000,000.00

North east:-$300,000,000.00

North central:-$6,531,000,000