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Buhari writes Senate on $4BN, €710M external loan approval

By News Desk

President Muhammadu Buhari has written the National Assembly to approve a fresh loan of $4,054,476, 863.00, Euro 710million and a grant of $125million to finance critical projects in the 2021 budget.

According to the president, the request was an addendum to the proposed 2018 – 2021 Federal Government External Borrowing Rolling Plan earlier approved by the National Assembly.

Buhari’s request was contained in his letter read by Senate President Ahmad Lawan at plenary following the resumption of the Upper Chamber from its two-month annual vacation.

He said that the projects listed in the addendum to the 2018 – 2021 Federal Government External Borrowing Rolling Plan are to be financed through sovereign loans from the World Bank, French Development Agency, China Exim Bank, International Fund for Agricultural Development (IFAD) and Credit Swiss Group, among others.

Part of the letter read, “I write on the above subject and submit the attached addendum to the proposed 2018-2020 external rolling borrowing plan for the consideration and concurrent approval of the senate for the same to become effective.

“The distinguished Senate President may recall that I submitted a request on 2018-2020 borrowing plan for the approval of the senate in May 2021.

“However, in view of other emerging needs and to ensure that all critical projects approved by Federal Executive Council as of June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan.

“The projects listed in the external borrowing plan are to be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD in the total sum of $4,054,476,863 and €710 million and grant components of $125 million.”

Details shortly…

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