Again, Buhari seeks approval for fresh multi-billion-dollar loans from World Bank, France, others

President Muhammadu Buhari has written another letter to the Senate, seeking approval for two tranches of multibillion-dollar loans.

Senate President Ahmed Lawan read the letter at plenary on Tuesday.

Buhari said the proposed loan–$4 billion and €710 million—is to be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD.

The president said it is part of the already proposed borrowing plan.

“The distinguished Senate President may recall that we 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 FEC as of June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan.”

According to him, the funds will finance critical infrastructure Nigeria needs to tackle its economic challenges.

May believe Nigeria is up to its eyeball in debt—$32billion–and as such should stop borrowing because it is no longer sustainable.

With latest request, the external debt alone with stand at about $37 billion.