Federal Government on Monday admitted that the total World Bank-assisted project loans to Nigeria since 1999 has hit $3.5 billion.
Addressing newsmen in Abuja when the World Bank and Nigeria endorsed three agreements of $780 million in support of three projects, which were the Community and Social Development Project (CSDP), the Third National FADAMA Development Project (NFDP-III) and Federal Roads Development Project, Usman disclosed that the total project portfolio includes the $780 million made up of three agreements the nation signed with the World Bank in Abuja on Monday.
Shamsuddeen who did not see anything wrong in Nigeria accumulating more loans, said it is the utilization of the loan that matters and not the taking.

"There is nothing wrong with borrowing, if you use it well. It is the kind of loan and the way you utilize it that matters. Let’s base our assessment on actual observation," the minister said.
According to him, the total year loan portfolio allocated yearly to Nigeria by the World Bank is $750 million. To this end, he wondered how Nigeria could have obtained a $3.3 billion debt as reported, adding that in 2009, the World Bank project allocation for the nation would increase to $1.1 million.

The minister also stated that the project would assist to tackle the issues of food security, poverty reduction in the rural areas and transport, which are key areas of the current administration’s Seven-Point Agenda.
On the CSDP, Usman noted that the objective of the project is to increase access by the poor to people to improve social and physical infrastructure and services.

The total cost for the project, according to the minister, is US$200 million to be utilized by the benefiting 22 states and Abuja, Adamawa, Edo, Ekiti, Enugu, Gombe, Imo, Katsina, Kogi, Kwara, Nasarawa, Niger, Ogun, Oyo, Plateau, Taraba, Yobe, Zamfara.
Similarly, the project development objective of the NFDP-III is to increase the income of users of rural water resources on a sustainable basis. It would be implemented in the 36 states of the federation and the FCT as it would be coordinated by the Federal Ministry of Agriculture and Water Resources over a period of five years, with effect from next year to 2013.

He revealed that the total project cost is US$450 million out of which US$250 is the International Development Association (IDA) credit and the balance will be contributed by federal, states, local government and communities. The minister said the Federal Government under the arrangement would contribute US$23 million, state government US77 million, local governments US40 million and the relevant community contribution will be in kind while the Global Environmental Facility (GEF) will provide a grant of US$7 million.

"The project cost is US$330 million. The project, which would be implemented over a period of eight years, on performance-based contract basis, will focus on rehabilitation and upgrading Unity Roads, through carrying out civil works and provision of technical advisory services," he said.
Usman also noted that the scope of civil works in the project would, among others, lead to rehabilitation and upgrading and long term maintenance, through long term output performance contracts of the following Unity Roads, Mokwa-Bida-Lambata-Suleja Road, Samamiya-Bauchi-Gombe-Biu road, Benin-Ifon-Owo-Akure-Ilesha Road and Enugu Abakiliki/Ogoja junction-Mfum Road.
Earlier, the World Bank Country Director, Mr. Onnuh Roul, said he has visited states like Kaduna, Niger, Benue and Cross River where there are impressive results.

http://www.sunnewsonline.com/webpages/news/national/2008/nov/25/national-25-11-2008-007.htm