Sep 21, 2021

Mawazo Writing Africa

Writing about the main

Buhari seeks Senate appproval for $4b, €710m loans to execute ’emerging needs’

Nigerian President Muhammadu Buhari seeks the approval of the National Assembly to raise an additional 4 billion US dollars (4,054,476,863) and 710 million euros from bilateral and multilateral organizations to finance the deficit in the 2021 budget.

< p> Buhari, in a letter to the Senate, said the loan application was an addendum to the 2018-2020 loan plan.

Senate President Ahmad Lawan read Buhari’s letter at the beginning of the plenary session on Tuesday.

“I am writing on the above topic and am submitting the attached Addendum to the Proposed External Rolling Loan Plan 2018-2020 for Senate review and concurrent approval for it to go into effect,” said Buhari.

” The esteemed Senate President may recall that you filed an application for the 2018-2020 loan plan for Senate approval in May 2021 To ensure that all critical projects that have been approved by the FEC from June 2021 onwards are incorporated, I hereby send an addendum to the proposed credit plan.

“The projects listed in the external credit plan are to be supported by state loans from the World Bank the French Development Agency, EXIM Bank and IFAD totaling USD 4,054,476,863 USD and €. It will fund $ 710 million and grant components of $ 125 million. ”

He also called on lawmakers to approve grant components of $ 125 million.

Buhari said that the need to raise more funds to meet the “emerging needs” of “some critical projects”.

The Nigerian President said that the loans, if obtained, will stimulate the economy and create jobs .