President Muhammadu Buhari has sent a letter to the Senate, requesting its approval for extra external loans in addition to the 2018 to 2021 borrowing plan.
This latest request by the President of Nigeria was contained in a letter addressed to President of Senate Ahmad Lawan and read at a recent plenary.
The letter explained that the loan would be sourced from multilateral organisations like World Bank, French Development Agency, China Exim Bank, amongst others to finance critical projects of the Federal and States governments.
The letter read: “Addendum to the Request for Senate concurrent approval of Multilateral Fund Projects under the 2018 to 2021 Federal Government external borrowing plan.
“I write to the above subject to submit an attached addendum to the proposed 2018 to 2021 Federal Government external borrowing rolling plan for the consideration and concurrent approval of the Senate.
“Senate may wish to recall that I had earlier transmitted a request from the proposed 2018 to 2020 Federal Government external borrowing plan for the concurrent approval of Senate in May 2021.
“However, in view of other emerging needs and to ensure that all critical projects are covered, the Federal Executive Council as at June 2021 incorporated.
“I hereby forward an addendum to the proposed external borrowing plan.
“The projects listed in the addendum to the 2018 to 2021 Federal Government external borrowing plan are to be financed through sovereign loans from the World Bank, French Development Agency, China Exim Bank, International Fund for Agriculture Development (IFAD), Credit Swiss Group, and Standard Chartered, in the credit total sum of 4.5 billion dollars,710 million euros and grant component of 125 million dollars.
“The Senate is kindly invited to know that the projects and programs in the borrowing plan was selected based on positive technical and economic evaluations and the contributions that will make the socio-economic development of the country including employment generation and poverty reduction and protection of the most vulnerable in the society.
“All the said projects in the addendum, form part of the 2018-2021 external borrowing plan and covered all the Federal and states government projects and are geared toward realisation of Nigeria sustainability plan.”
President Buhari admonished the lawmakers to ensure speedy approval of the request in a bid to ensure the implementation of various projects across the country.