President Muhammadu Buhari on Tuesday requested the approval of the National Assembly for a fresh loan of $4.1bn and Euro 710million to finance critical projects in the 2021 budget.
He also sought the legislature’s approval for a grant of $125million to fund the budget which is being awaited by the National Assembly.
President Buhari’s requests were contained in a letter read by Senate President Ahmad Lawan to members of the upper legislative chamber at plenary. The members resumed yesterday after a two-month annual vacation.
According to the President, the request is an addendum to the proposed 2018 – 2021 Federal Government External Borrowing Rolling Plan earlier approved by the National Assembly.
He explained that the projects are listed in the addendum to the 2018 – 2021 Federal Government External Borrowing Rolling Plan. They are to be financed through loans from the World Bank, French Development Agency, China Exim Bank, International Fund for Agricultural Development (IFAD) and Credit Suisse Group, among others.
The letter reads: “I write in respect of the above subject and to submit the attached addendum to the proposed 2018-2021 Federal Government external borrowing (rolling) plan for the consideration and concurrent approval of the Senate for same to become effective.
“The distinguishing Senate President may wish to recall that I earlier transmitted a request on the proposed 2018-2020 Federal Government External Borrowing Plan for the concurrent approval of the Senate in May 2021.
“However, in view of other emerging needs and to ensure that all critical projects approved by FEC as of June 2021 are incorporated. I hereby forward an addendum to the proposed borrowing plan.
“The projects listed in the addendum to the 2018-2021 Federal Government External Borrowing Rolling Plan are to be financed through sovereign loans from the World Bank, French Development Agency, China Exim Bank, International Fund for Agricultural Development (IFAD) and Credit Suisse Group and Standard Chartered/China Export and Credit (SINOSURE), in the total sum of $4,054,476,863 plus Euro 710,000,000. and grant component of $125,000,000.00.”
