Buhari had requested the Senate to approve sovereign loans of $4.054bn and €710million as well as grant components of $125m for the proposed projects.
In a letter read by the Senate president, Ahmad Lawan, the Nigerian leader explained that the loan is to finance critical projects in the 2021 budget.
Garba Shehu, the presidential spokesman in defence of the request said a total of 15 projects will be spread across the country's six geo-political zones are to be financed with the funds.
Amid the heated reactions generated by the president's move, Legit.ng takes a look at the list of 15 proposed pipeline projects, according to Daily Trust;
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1. State Fiscal, Transparency, Accountability and Sustainability Programme for Results
2. Agro-Processing, Productivity, Enhancement and Livelihood Improvement Support Project
3. Nigeria Sustainable Water Supply, Sanitation and Hygiene (WASH)
4. Nigeria’s COVID-19 Preparedness and Response Project (COPREP)
5. Agro-Climatic Resilience in Arid Zone Landscape project
6. Livestock Productivity and Resilience project
7. Construction of the branch line of Apapa-TinCan Island Port, under the Lagos-Ibadan Railway modernisation project
8. National Digital Identity Management project
9. Kaduna Bus Rapid Transport Project
10. The Value Chain Development Programme
11. Construction of the Kano-Maradi Standard Gauge Rail (SGR)
12. Establishment of three power and renewable energy projects including solar cells production facility Phase 1 & II, electric power transformer production, Plants 1, II, III and high voltage testing laboratory
13. Project aimed at increasing local capacity and capability in the development of power and renewable energy technologies and infrastructure
14. Provision of 17MW Hybrid Solar Power infrastructure for the National Assembly (NASS) complex
15. Global Partnership for Education grant
APC reveals why President Buhari’s govt has been borrowing, tackles PDP
Earlier, the All Progressives Congress (APC) has said the Buhari administration is obtaining loans to finance the deficit in the 2021 budget and develop critical infrastructure across the country.
The ruling party made this known in a statement released by its spokesman, Senator John James Akpanudoedehe.
The APC argued that the critical infrastructure was, in turn, stimulating economic growth, generating jobs, and reducing poverty.