OrderPaperToday – The House of Representatives has approved the request by Niger state to borrow $266m for dualization of road.
The approval followed the adoption of the recommendations of the House committee on Aids, Loans and Debt Management by Committee of Supply on Thursday.
The loan request is to dualize the Minna-Bida under the 2016-2018 Medium Term External Borrowing (Rolling) plan.
The committee of supply asked that the terms and conditions of the loan from the Islamic Development Bank, be forwarded to the National Assembly prior to the execution of same for proper documentation and concurrence.
The House also urged the state to establish a Special Purpose Vehicle (SPV) specifically for the loan and project to ensure optimal utilization and non-diversionary activities.
The committee chaired by Yinka Ajayi (APC, Osun) also approved the issuance of N14,623,031,107.51 of promissory note to settle inherited debt and contractual obligations to refund Bauchi State for projects done on behalf of the federal government.