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Home Politics Buhari Writes N’assembly, Seeks Approval To Borrow Fresh $4bn, €710m

Buhari Writes N’assembly, Seeks Approval To Borrow Fresh $4bn, €710m

The federal government is set to acquire another fresh loan in an addendum to the 2018-2020 borrowing plan.

President Muhammadu Buhari in a letter to the national assembly seek to borrow fresh sums of $4,054,476,863 and €710 million.

The president also asked the national assembly to approve grant components of $125 million.

The request was in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber on Tuesday.

Buhari said in the letter:

“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.”

The president said the loans, when obtained, will stimulate the economy and create jobs.

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