President Buhari writes Senate, seeks for fresh $4bn, €710m external loans

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By Mukwuzi Joseph

President Muhammadu Buhari has written the Senate, seeking for the approval of of fresh borrowing to the tune of $4,054,476,863 and €710 million in an addendum to the 2018-2020 borrowing plan.

The letter was read during plenary  today, Tuesday by the President of the Senate, Senator Ahmad Lawan as Buhari is asking the National Assembly to approve grant components of $125 million.

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.




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