…as Buhari writes Senate, seeks approval
Ubong Sampson– Uyo
Nigeria’s president, Muhammadu Buhari has sought the approval of the senate to enable his administration borrow a fresh $4 billion (about 1.6trn in Naira value) external loan.
In a letter addressed to the Senate President, Ahmad Lawan as read during plenary on Tuesday, the president noted that the loan will enable the federal government fund critical infrastructural projects in different sectors.
According to Buhari in the letter, the said loan proposal is to be financed through sovereign loans from the World Bank, French Development Agency, Export-Import (ExIm) Bank and the International Fund for Agricultural Development (IFAD).
“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”, the letter read.
