Categories: NewsNigeria News

President Buhari Writes Senate, Requests Fresh Loan Of $4bn And €710m

President Muhammadu Buhari has written to the National Assembly, seeking approval to borrow the sum of $4,054,476,863 billion and €710 million.

The request was made known in a letter read by Senate President Ahmad Lawan at plenary on Tuesday.

In the letter titled Addendum to Request For Senate’s Concurrent Approval Of Multilateral Fund Projects Under the 2018-2021 Federal Government External Borrowing (Rolling) Plan, President Buhari explained that owing to “emerging needs”, there is a need to raise more funds for some “critical projects”.

“The projects listed in the addendum to the 2018-2021 Federal Government External Borrowing Plan, are to be financed through sovereign loans from the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund For Agriculture Development (IFAD), Credit Suisse Group and Standard Chartered/China Export and Credit (SINOSURE) in the total sum of USD4,054,476,863.00 plus Euro 710, 000,000.00 grant component of USD 125,000,000.00.”

Recall that this is not the first time President Buhari is writing to the National Assembly to request approval for external loans this year.

In May, he requested the sum of N2.343 trillion which according to him, was meant to part-finance the budget deficit of N5.602 trillion in the 2021 budget.

A copy of the letter signed by President Buhari 

 

Angela Davies

Recent Posts

Star Life: Saras & Kumud Teasers November 2024

Star Life's new series, Saras & Kumud teasers November 2024, can be accessed below.  …

8 hours ago

Polaris Bank Clinches “Best Mobile App” Award At Digital Jurist Awards 2024

Polaris Bank clinched the "Best Mobile App" award at the Digital Jurist Awards 2024.  …

8 hours ago

Access Holdings’ Total Assets Grows to ₦41.1 Trillion in Q3

Access Holdings’ total assets grew to ₦41.1 trillion in Q3.   Glamtush reports that Access…

8 hours ago

Nigeria Ranks Fifth Globally In Daily Social Media Usage (FULL LIST)

Nigeria has been ranked fifth globally in daily social media usage.   Glamtush reports that…

9 hours ago

Saras & Kumud Premieres On Star Life (Synopsis, Full Story, Casts)

Saraswatichandra, retitled Saras & Kumud, is Star Life’s upcoming series, which is a shift from…

9 hours ago

Top Summary From Nigerian Newspapers For Monday, November 4th, 2024

The top summary from Nigerian newspapers for Monday, November 4th, 2024, can be accessed on…

10 hours ago