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

President Muhammadu Buhari is seeking approval of the Senate for fresh external loans of $4 billion and €710 million.

This is contained in a letter addressed to Senate President Ahmad Lawan, and read at plenary, on Tuesday.

Buhari said the proposed loans are to be financed through sovereign funds from the World Bank, French Development Agency, EXIM Bank and IFAD.

He said the loans would enable the Federal Government fund critical infrastructural projects in different sectors.

The letter read 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.”