The President of Nigeria, Gen. Muhammadu Buhari is seeking fresh loans of $4,054,476,863 and €710 million in an addendum to the 2018-2020 borrowing plan.
President Buhari’s request was contained in a letter read by the
Senate President, Ahmad Lawan on the senate floor on Tuesday. The president further
asked the national assembly to approve grant components of $125 million.
The sums of $8.3 billion and
€490 million loans contained in the initial 2018-2020 borrowing plan was
approved by the national assembly in July. Buhari stressed in the letter, that
the loans were necessary in order to fix ‘critical issues’.
“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 u 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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