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Buhari Writes National Assembly, Seeks Approval For Fresh Loans

 

President Muhammadu Buhari has sought approval of the National assembly for fresh external loans of $4,054,476,863 and €710 million.

The approval was contained in a letter addressed to NASS and read at the plenary on Tuesday.

“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,” the letter read.

Recall that the Senate on July 15th, 2021 approved the sum of the $8.3 billion (N8,325,536,537) and €490 million loans requested by President Buhari.

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