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President Buhari writes senate for fresh $4bn, €710m loans 

Joseph Oyekanmi

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President Buhari writes senate for fresh $4bn, €710m loans 

President Muhammadu Buhari has written to the National Assembly seeking approval to borrow the sum of $4,054,476,863 billion and €710 million.

The request was made known in a letter read by Senate President Ahmad Lawan at plenary on Tuesday.

In the letter titled Addendum to Request For Senate’s Concurrent Approval Of Multilateral Fund Projects Under the 2018-2021 Federal Government External Borrowing (Rolling) Plan, President Buhari explained 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”. (Channels TV)

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