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JUST IN: Buhari Seeks Approval From The National Assembly For New $4 billion And €710 Million External Loans


Major General Muhammadu Buhari (retd.) has asked the National Assembly to sanction $4,054,476,863 and €710 million for the project.

Buhari is also seeking approval from the nation’s legislature for $125 million in grant components in the 2018-2020 external rolling borrowing plan.

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This is contained in a letter issued to both chambers of the National Assembly, which was read on the floor by the presiding officers on Tuesday at the resumption of plenary.

“I write on the aforementioned subject and submit the accompanying addendum to the proposed 2018-2020 external rolling borrowing plan for discussion and concurrent approval of the Senate for the same to become effective,” the letter read in part.

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“The honorable Senate President may recall that in May 2021, I presented a proposal to the Senate for approval of the 2018-2020 borrowing plan.

“However, in light of other pressing needs and to guarantee that all key projects approved by the Federal Executive Council by June 2021 are taken into account, I am submitting an update to the planned borrowing plan.

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“The projects specified in the external borrowing plan will be supported by sovereign loans totaling $4,054,476,863 and €710 million from the World Bank, French Development Agency, EXIM Bank, and IFAD, respectively, and grant components totaling $125 million.”

 

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More details will be provided later…

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