Buhari secures new $ 5.8 billion loan
From Fred Itua, Abuja
the The Senate yesterday approved $ 5,803,364,553.50 and a grant element of $ 10 million as part of the 2018-2020 external borrowing plan.
The approval follows consideration of a report from the Local and Foreign Debt Committee.
The chairman of the committee, Clifford Ordia, in his presentation, said that the $ 2,300,000,000 would come from the World Bank, $ 2,300,000,000 from the German Consortium, $ 90,000,000 from Islamic Development, 786,382,967 from China Exim Bank, $ 276,981,586.50 from the Bank of China, and $ 50,000,000 from the International Fund for Agricultural Development.
President Muhammadu Buhari, in a communication dated May 6, asked the Senate to review and approve the 2018-2020 rolling external borrowing plan.
The plan contained a request for approval in the amount of $ 36,837,281,256 plus € 910,000,000 and a grant component of $ 10 million.
Ordia noted that a report was tabled by his committee in the Senate in July 2021 recommending approval of the sum of $ 8,575,526,537 and € 490,000,000.
He said the Senate in the July 2021 plenary session approved funding for the projects as recommended by the Committee above while the Committee continued legislative action and consideration of the pending request. He added that on September 15, the Senate Speaker read another communication from Buhari containing an addendum to the 2018-2020 (sliding) external borrowing plan in the amount of $ 4,054,476,863, € 710,000,000 and a grant component of $ 125,000,000 for various projects and the same was also referred to the Committee for further legislative action.