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Debt: Buhari Approaches Senate For Fresh $4bn, €710m Loans

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President Muhammadu Buhari is again asking the Nigerian Senate to approve fresh foreign loans as part of the 2018-2020 borrowing plan.

The amount contained in a letter address and read at the plenary on Tuesday includes $4,054,476,863 and another €710 million loan.

The President said the fund will be sourced from World Bank, French Development Agency, EXIM Bank and International Fund for Agricultural Development (IFAD).

The letter read, “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.”

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