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Buhari Writes NASS, Seeks Approval For Fresh $4bn, €710m External Loans

Buhari Signs Petroleum Industry Bill Into Law
President Buhari Signs Petroleum Industry Bill Into Law, Monday, August 16, 2021. (Photo credit: Bayo Omoboriowo/State House Photo)

September 14, (THEWILL) – President Muhammadu Buhari on Tuesday requested National Assembly approval for loans worth $4 billion and €710 million.

The president is also seeking approval for grant components of $125 million in the 2018-2020 external rolling borrowing plan.

The president’s request is contained in a letter addressed to both chambers of the National Assembly and read on the floor at the resumption of plenary by the presiding officers on Tuesday.

Part of the letter reads: “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 I 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 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.”