Prez Buhari seeks Senate approval for new foreign loans of $ 4 billion and € 710 million | Social
President Buhari has written to the Nigerian Senate asking for approval of $ 4 billion and € 710 million in foreign loans. A letter addressed to the President of the Senate, Ahmad Lawan, was read in plenary session on Tuesday, September 14.
In the letter, the President said the proposed loan was to be financed by sovereign loans from the World Bank, the French Development Agency, the EXIM Bank and IFAD. He said the loan would allow the federal government to fund critical infrastructure projects in different sectors.
The letter reads in part: – “I am writing on the above subject and I submit the attached addendum to the proposed rolling external borrowing plan for 2018-2020 for the consideration and simultaneous approval of the Senate for it. comes into force. “
The eminent Senate Speaker may recall that we submitted a request on the 2018-2020 borrowing plan for Senate approval in May 2021.?
However, in view of other emerging needs and to ensure that all critical projects approved by the FEC from June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan.
The projects listed in the external borrowing plan must be financed by sovereign loans from the World Bank, the French Development Agency, the EXIM Bank and IFAD for a total amount of $ 4,054,476,863 and $ 710 million. euros and donation items of $ 125 million.
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