SENATE RECEIVES PRES. BUHARI’S REQUEST TO APPROVE $4.054bn EXTERNAL BORROWING

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President buhari
Pres. Buhari

To fund projects included in the borrowing plan for 2018-2021, President Muhammadu Buhari has requested that the Nigerian Senate consider and approve an external loan.

During the plenary, Ahmad Lawan, Senate President, read the letter dated August 24th, 2021 to the Senate.

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Nigerian President Muhammadu Buhari in a letter to President Donald Trump explained that the projects listed in the Federal Government Borrowing Plan for 2018-2021 will be financed through sovereign loans from the World Bank, French Development Agency (AFD), China-Exim Bank,

It was a joint venture between the International Fund for Agricultural Development (IFAD), the Credit Suisse Group, and Standard Chartered/China Export and Credit (SINOSURE) for a total of USD4,054,476,863; Euro 710,000,000.00, and USD125,000,000.00 in Grant Component.

That amount would be used to fund federal and state government initiatives spanning key sectors such as Infrastructure, he explained to me.

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CoViD-19 response efforts are focused on the following areas: health, food security, agriculture, and energy.

In the words of the President, the projects, which are spread across the country’s six geopolitical zones, will create jobs and reduce poverty, while also protecting the most vulnerable and very poor segments of Nigerian society.

 

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