President Muhammadu Buhari has written to the House of Representatives for approval to borrow $4 billion and €710 million loans to fund the 2021 budget.
He also sought the approval of grant components of $125 million.
The President, in a letter read by the Speaker, Femi Gbajabiamila, during plenary on Wednesday, said the loan request is an addendum to the 2018-2021 Federal Government External Borrowing Rolling Plan.
The President said the need to borrow more funds was to meet emerging needs of some critical 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.
The National Assembly in July approved approved $8,325,526,537 and €490 million loan requests by President Muhammadu Buhari.
President Buhari also sent the letter to the Senate yesterday.
The upper chamber of the National Assembly went on their annual recess after plenary on Thursday, July 15.
Senate President, Ahmad Lawan, read the President’s letter on resumption on said September 14.
