President Muhammadu Buhari has written to the Senate seeking the approval of $6.926 billion dollars of loans from the Chinese government and World Bank for the rehabilitation of various portions of the Federal Government’s railway modernisation programme, reconstruction of the North-East, immunization and welfare projects for social inclusion of the less privileged.
Senate President Bukola Saraki read the executive communication at Wednesday’s plenary.
The letter outlined various breakdown for programmes such as $575 million dollars for immunisation and social investment in northeast and another $500 million dollars for nationwide expansion of conditional cash transfer, welfare and social inclusion projects already ongoing in eight states.
President Buhari in the letter appealed to the Nigerian Senate to urgently approve the Chinese and World Bank loans as other African countries are competing to gain access to such funds hence any delay may lead to failure to secure the funds.
Buhari also says the funds would be judiciously used to ensure massive rejuvenation of the rail sector, reconstruction, rehabilitation and resettlement of displaced communities in the Northeast as well as help to ensure support for the poor in the country.