President Buhari Asks Senate To Approve Requests For Fresh Loan Of $4bn And €710m



…Energy , Infrastructure and Education to  benefit

Olusola  Bello

President Muhammadu Buhari has written to the National Assembly,  asking it approval to borrow the sum of $4,054,476,863 billion and €710 million.

This was contained  a  letter  sent to the  Senate President Ahmad Lawan and which was read  during the plenary  on Tuesday.

In the letter titled Addendum to Request For Senate’s Concurrent Approval Of Multilateral Fund Projects Under the 2018-2021 Federal Government External Borrowing (Rolling) Plan, President Buhari explained that owing to “emerging needs”, there is a need to raise more funds for some “critical projects”.

“The projects listed in the addendum to the 2018-2021 Federal Government External Borrowing Plan, are to be financed through sovereign loans from the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund For Agriculture Development (IFAD), Credit Suisse Group and Standard Chartered/China Export and Credit (SINOSURE) in the total sum of USD4,054,476,863.00 plus Euro 710, 000,000.00 grant component of USD 125,000,000.00”.

The loan is to be  used by both the  federal and  the  state government  projects and geared towards Nigeria  economic sustainability  plans that  cut across infrastructure, Energy, Education , Health, Food Security, Agriculture, Human Capital  Development and Covid 19  and they are all spread across the six   geopolitical zones

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