President Muhammadu Buhari has said that the foreign loans recently approved by the Senate would be used to execute the Kano-Maradi rail, Apapa TinCan Ports and 13 other projects.
In a statement by his spokesman, Malam Garba Shehu, the projects are spread across the six geopolitical zones of the country.
The loans, according to him, are to be sourced from multinational institutions in line with the 2018-2021 medium term external borrowings plans.
The Senate had recently approved sovereign loans of $4.054bn and €710million as well as grant components of $125m for the proposed projects by President Buhari.
The sovereign loans, he said, would be sourced from the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund for Agricultural Development (IFAD), Credit Suisse Group and Standard Chartered/China Export and Credit (SINOSURE).
The loan facility to be provided by European ECA/KfW/IPEX/APC would be spent on the construction of the Standard Gauge Rail (SGR) linking Nigeria with Niger Republic from Kano-Katsina-Daura-Jibiya-Maradi with branch to Dutse.
The specific project title, Kano-Maradi SGR with a branch to Dutse, has an implementation period of 30 months and will be implemented by the Federal Ministry of Transport.
The China EXIM Bank is expected to finance the construction of the branch line of Apapa-TinCan Island Port, under the Lagos-Ibadan Railway modernisation project.
The World Bank is expected to finance seven projects including the $125million grant for ‘‘Better Education Services for All’’.
The Global Partnership for Education grant is expected to increase equitable access for out-of-school children and improve literacy in focus states.