President Buhari Seeks Approval For $4b, €710m, Writes House Of Reps.

The President of Nigeria, Muhammadu Buhari has issued a letter of request to the House of Representatives seeking their approval to borrow fresh external loans of $4 billion and €710million.President Buhari’s letter was read to the house by Speaker Femi Gbajabiamila to during the House of Representatives  on September 15.

The President also requested the legislators to give the approval of grant components of $125 million.

President Buhari’s letter was read to the house by Speaker Femi Gbajabiamila to during the House of Representatives  on September 15.

The President also requested the legislators to give the approval of grant components of $125 million.

The letter has it that, the loan request is an addendum to the 2018-2021 Federal Government External Borrowing Rolling Plan and will be used as part of finance for the 2021 budget and pay for some critical infrastructural projects.

“The projects listed in the addendum to the 2018-2021 Federal Government External Borrowing Rolling Plan are to be financed through sovereign loans from the World Bank, French Development Agency, China Exim Bank, International Fund for Agricultural Development (IFAD) and Credit Suisse Group and Standard Chartered/China Export and Credit (SINOSURE), in the total sum of $4,054,476,863 plus Euro 710,000,000. and grant component of $125,000,000.00,” the letter read in part.

Similarly, this kind of letter of request for loan approval was read by Senate President Ahmad Lawan during the plenary of the upper chamber of the National Assembly.

In July, the National Assembly approved $8,325,526,537 and €490 million loan requests by President Muhammadu Buhari.