PRESIDENT BUHARI SEEKS NASS APPROVAL FOR FRESH EXTERNAL LOANS

President of the Senate, Ahmad Lawan has formally disclosed a fresh move by President Muhammadu Buhari’s administration to swell the nation’s external debt profile.

On resumption of plenary by the federal lawmakers after their annual vacation, the President of the Senate read a formal letter addressed to him by President Muhammadu Buhari seeking the Red Chamber statutory approval for external loans in the total sum of $4,054,476,863.00, plus Euro €710,m and Grant Component of $125m.

This is contained in a letter addressed to both chambers of the National Assembly and read on the floor at the resumption of plenary by the presiding officers on Tuesday.

Part of the letter read, “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 I 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 Federal Executive Council 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.”

Credit: Eons Intelligence

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