The Federal Government has earmarked 61.2% of the $29.96 billion External Borrowing (Rolling) Plan for bankable infrastructure projects comprising: the Mambila hydro-electric power plant – $4.8 billion; railway modernisation coastal project (Calabar-Port Harcourt-Onne Deep Seaport segment) – $3.5 billion; Abuja mass rail transit project (Phase 2) – $1.6 billion; Lagos-Kano railway modernisation project (Lagos-Ibadan segment double track) – $1.3 billion; Lagos-Kano railway modernisation project (Kano-Kaduna segment double track) – $1.1 billion; and others – $6 billion.
Five multilateral institutions are expected to provide the $29.96 billion.They are the World Bank, African Development Bank (AfDB), Japan International Co-operation Agency (JICA), Islamic Development Bank and China EximBank.
Other than funds to be assigned to infrastructure projects, the federal government also intends to raise $4.5 billion through an Eurobond issue.
