…Energy , Infrastructure and Education to benefit
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