Politics

Buhari is seeking approval from the National Assembly to take out a new loan. €710 million, $4 billion

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In an addition to the 2018-2020 borrowing plan, President Muhammadu Buhari is seeking approval from the National Assembly to borrow further funds totaling $4,054,476,863 and €710 million.

The president also requested that the national assembly approve $125 million in grant components.

The request was made in a letter read aloud on the Senate floor by Senate President Ahmad Lawan on Tuesday.

 

The national legislature authorized the $8.3 billion and €490 million loans included in the initial borrowing plan for 2018-2020 in July.

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However, Buhari explained in the letter that there is a need to raise extra funds for some “important projects” due to “growing needs.”

 

“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 commander-in-chief said.

“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.

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“The projects specified in the external borrowing plan will be supported by sovereign loans totaling $4,054,476,863 and €710 million from the World Bank, French Development Agency, EXIM Bank, and IFAD, respectively, and grant components totaling $125 million.”

When the loans are obtained, the president claims that they would stimulate the economy and create jobs.


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