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President Buhari

Buhari seeks Senate approval for fresh $4 billion, €710 million loans from World Bank, five others

By on September 14, 2021 0 142 Views

President Muhammadu Buhari on Tuesday sought the approval of the Senate to borrow fresh $4 billion and €710 million loans to address critical projects approved by the Federal Executive Council (FEC).

In a letter read on Tuesday at the resumption of plenary by the Senate after a two-month vacation by the President of the Senate, Ahmed Lawan, the president said loans being sought would be sourced from four international organisations.

In the letter, the president said 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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“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 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 Federal Executive Council 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,” the president wrote in the letter.

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