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Home » buhari » Senate receives Buhari’s request to approve $4.054bn, €710m, $125m external borrowing

Senate receives Buhari’s request to approve $4.054bn, €710m, $125m external borrowing

The Senate has received a formal request from President Muhammadu Buhari to consider and approve an external loan to fund projects captured under the 2018-2021 borrowing plan.

The letter dated 24th August, 2021 was read during plenary by the Senate President, Ahmad Lawan.

Buhari in the letter explained that the projects listed in the 2018-2021 Federal Government Borrowing Plan are to be financed through sovereign loans from the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund for Agricultural Development (IFAD), Credit Suisse Group and Standard Chatered/China Export and Credit (SINOSURE) in the total sum of USD4,054,476,863.00; Euro 710,000,000.00 and Grant Component of USD125,000,000.00.

He explained that the amount would be used to fund Federal and States Government projects cut across key sectors such as Infrastructure, Health, Agriculture and Food Security, Energy, Education and Human Capital Development and COVID-19 Response efforts.

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