Buhari seeks Senate’s nod for fresh External loans

President Muhammadu Buhari straightnews
President Muhammadu Buhari

Nigerian President Muhammadu Buhari is seeking fresh $4 billion and €710 million external loans, asking the Nigerian Senate to give approval.

At plenary Tuesday, September 14, Buhari explained in his letter that the proposed loans would be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD.

In the letter routed to the Nigerian Senate through the Senate President Ahmad Lawan, the President said the loan would enable the Federal Government fund critical infrastructural projects in different sectors.

The letter reads in part “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 we 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 FEC 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.”