The Senate on Tuesday approved a $266m loan request for developmental projects in Niger State.

The loan is the state’s Development Policy Operation credit facilities from the World Bank as well as the Islamic Development Bank.

The approval followed the adoption of the report of the Committee on Local and Foreign Debts.

It is the third tranche of foreign loan approval for states.

The Chairman of the Committee, Shehu Sani, while presenting the report, said the projects earmarked by the Niger State Government would boost the socio-economic development of the state.

He said the Niger State $266m loan was approved by the World Bank in 2016 and captured in the 2016-2018 External Borrowing (Rolling) Plan of President Muhammadu Buhari.

Sani added that the credit facility had an attractive low financing data of 1.25 per cent interest for a period of five years and a 25-year maturity tenor.

This, he said, would increase the total debt stock of the state from $232m to $498m.

He said the state government met various conditions to access the facility.

Meanwhile, the Senate on Tuesday passed the Federal Capital Territory Appropriation Bill totalling N243, 374,511,077.00 for the 2019 fiscal year.

The Senate Leader, Ahmad Lawan, presented the bill for second reading while the Senate Rules was adjusted for third reading in a bid to pass the legislation before the end of the Eight Senate.

Lawan had, while presenting details of the budget, said the sum of N55, 043,425,247.00 was for Personnel costs and N57, 610,188,661.00 was for Overhead cost.

He added that N130, 720,897,169.00 would be spent on capital projects.