Buhari seeks Senate’s approval for $4bn, €710m fresh loans

President Muhammadu Buhari is seeking the approval of the National Assembly to acquire fresh loans of $4,054,476,863 billion and €710 million from foreign financial institutions.

The President sought the approval in in a letter to the President of the Senate, Ahmad Lawan at plenary on Tuesday.

President Buhari in the letter: “Addendum to Request For Senate’s Concurrent Approval Of Multilateral Fund Projects Under the 2018-2021 Federal Government External Borrowing (Rolling) Plan,” highlighted that owing to “emerging needs”, there is a need to raise more funds for some “critical projects”.

“The projects listed in the addendum to the 2018-2021 Federal Government External Borrowing Plan, are to be financed through sovereign loans from the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund for Agriculture Development (IFAD), Credit Suisse Group and Standard Chartered/China Export and Credit (SINOSURE) in the total sum of USD4,054,476,863.00 plus Euro 710, 000,000.00 grant component of USD 125,000,000.00”.

President Buhari had in May 2021, requested approval of the Senate for N2.343 trillion, which he said was required for part-financing of the budget deficit of N5.602 trillion in the 2021 budget.