By Inalegwu Shaibu
THE Senate has approved the borrowing of $1.537 billion from international development banks, out of the $3.702 external loan earlier requested by President Goodluck Jonathan to develop infrastructure in the transportation and power sectors.

Chairman, Senate Committee on Finance, Senator Ahmed Makarfi, who presented an interim report on the external borrowing plan of the government, told the Senate that the committee rejected the request from government to borrow $1 billion for Abuja light rail from China.

He also told the Senate that the committee could not approve the request by state governments to join in the borrowing plans due to lack of relevant information on the facilities.

He said: “After a critical analysis of the aggregate information obtained, the committee concludes that the following facilities/projects were worthy of being taken.

“African Development Bank, ADB, facility of US$152.2 million for Economic and Power Sector Reform Programme.

“Export/Import Bank of China facility of US$900 million for Abuja-Kaduna Railway Gauge Line/National Security.

“International Development Association, IDA, a World Bank Concessionary Loan Window facility of US$315 million for Public Private Partnership, PPP.

“French Development Agency, FDA, facility of US$170 million for National Electricity and Gas Improvement Project, NEGIP.

“The committee also concludes that the facility of US$1 billion from the Peoples Republic of China cannot be undertaken for now as its terms and conditions were still being negotiated.”