Politics

Despite Being In Debt, Nigeria President Seeks Approval For Fresh $4bn, €710m Loan

Nigeria President, Muhammadu Buhari has forwarded a letter to the National Assembly seeking its approval to borrow fresh $4,054,476,863 and €710 million loans.

Despite Being In Debt, Nigeria President Seeks Approval For Fresh $4bn, €710m Loan - Naija News 247
President Muhammadu Buhari

Buhari in the letter on Tuesday urged the national assembly to approve grant components of $125 million.

The President of the Senate, Ahmad Lawan, read the letter in the Senate on Tuesday.

The National Assembly in July approved the sums of $8.3 billion and €490 million loans contained in the initial 2018-2020 borrowing plan.

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Buhari in the letter stated that due to the demands in the country, there is a need to raise more funds for some “critical projects”.

He wrote, “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 u submitted a request on the 2018-2020 borrowing plan for the approval of the senate in May 2021.

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“However, given 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.

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“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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