President Buhari Seeks Fresh Loan

President Muhammadu Buhari has called on the National Assembly to approve a new loan of $4,054,476,863 and €710 million for it.

This was read on Tuesday’s entire floor at the resumption of plenary by the presiding officers in a letter addressed to both chambers of the National Assembly.

The President also called on the lawmakers to approve for grant components of $125 million in the 2018-2020 external rolling borrowing plan.

Recall that the National Assembly had in July approved the sums of $8.3 billion and €490 million loans contained in the borrowing plan of 2018-2020.

Part of the letter read, “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 I submitted a request on the 2018-2020 borrowing plan for the approval of the senate in May 2021.

“However, because of other emerging needs and to ensure that all critical projects approved by Federal Executive Council as of June 2021 are incorporated, I at this moment forward a supplement 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.”