By Emma Ogbuehi
President Muhammadu Buhari may soon be handed another tranche of borrowed funds as the Senate President, Ahmad Lawan, on Tuesday referred his request to approve $4.054 billion, €710 million external borrowing, and $125 million grant component captured for projects under the 2018–2021 borrowing plan to the Committee on Local and Foreign Debts.
The Committee chaired by Senator Clifford Ordia was given one week to report back to the Senate.
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Buhari in a letter dated August 24, 2021, 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 added that the amount would be used to fund Federal and State Government projects cutting across key sectors such as infrastructure, health, agriculture, food security, energy, education, human capital development and COVID-19 response efforts.
Many Nigerians and groups including the main opposition party, the Peoples Democratic Party (PDP), apex Igbo socio-cultural organisation, Ohanaeze Ndigbo, pan-Yoruba socio-cultural organisation, Afenifere, the Middle Belt Leaders Forum (MBLF) have condemned the request, calling the level of the country’s debt unsustainable.
But barring any dramatic development, the National Assembly will approve the loan request.
