President Buhari Seeks National Assembly Approval For Another Round of External Loans

Nigerian President, Muhammadu Buhari has written to the National Assembly seeking the approval of another round of borrowing expected to be about $4,054,476,863 and €710 million respectively in an addendum to the 2018-2020 borrowing plan.

The letter was read on the floor of the house at the resumption of plenary by the presiding officers on Tuesday.

The letter from the president reads as in part, “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.

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“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, 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.”

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