The federal government on Tuesday sought the approval of Senate for concessionary external borrowing of $22.8 billion for development of infrastructure across the country.
Minister of Finance and National Planning, Zainab Ahmed, made the presentation on behalf of the federal government, when she appeared before Senate Committee on Local and Foreign Debts.
Mrs Ahmed said the loan sought for was segmented into seven concessionary loans from multilateral institutions.
She said the loans which was part of the 2016 to 2018 external borrowing plan was designed to enhance productivity of the economy via development of roads, railway lines, electricity projects, agriculture among other sectors.
She said the loan sought for involved states and federal government, noting that the state…