BREAKING: President Buhari Seeks Senate Approval For Fresh External Loan Worth $4bn, €710m (₦2.5trn) - Mackenzie Sky Blog

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Tuesday, September 14, 2021

BREAKING: President Buhari Seeks Senate Approval For Fresh External Loan Worth $4bn, €710m (₦2.5trn)

BREAKING: President Buhari Seeks Senate Approval For Fresh External Loan Worth $4bn, €710m (₦2.5trn)
The President of the Federal Republic of Nigeria, Major General Muhammadu Buhari (retd.) has reportedly asked the Senate to approve a new loan of $4,054,476, 863.00, Euro 710 million, and a grant of $125 million in the 2021 budget to fund vital projects.

Buhari's plea was contained in a letter presented in plenary by Senate President Ahmad Lawan after the Upper Chamber returned from its two-month yearly break.

The request, according to the President, is an amendment to the National Assembly's approval of the proposed 2018–2021 Federal Government External Borrowing Rolling Plan.

The World Bank, French Development Agency, China Exim Bank, International Fund for Agricultural Development (IFAD), and Credit Swiss Group, among others, will provide sovereign loans to fund the projects listed in the addendum to the 2018–2021 Federal Government External Borrowing Rolling Plan, he said.

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 the 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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