President Muhammadu Buhari has written to the Nigerian Senate to request clearance for $4 billion and €710 million in foreign borrowing.
Today, September 14, a letter submitted to Senate President Ahmad Lawan was read in plenary.
The planned loan will be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank, and IFAD, according to the President’s letter.
According to him, the loan will allow the federal government to support vital infrastructure projects in a variety of industries.
The letter reads in part
“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 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.
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.”