Economy

Buhari Seeks National Assembly’s Approval For Fresh $4bn And €710m Loans

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Leshi Adebayo

 

 

President Muhammadu Buhari has asked the National Assembly to approve $4 billion and €710 million external loans.

This was contained in a letter addressed to both chambers and read on the floor at the resumption of plenary by the presiding officers, on Tuesday.

The president’s request came despite public outcry over the incessant borrowing by his adminstration.

In the letter, Buhari stated that the proposed loan would be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD.

He noted that on approval of the loan, the Federal Government would be able to fund critical infrastructural projects in different sectors across the country.

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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