Buhari To Borrow Another $4bn, €710m Loan, Seeks NASS Approval

PRESIDENT Muhammadu Buhari has sent a letter to National Assembly seeking approval of a fresh loan amounting to $4 billion ($4,054,476,863) and €710 million to finance a deficit 2021 budget.

Buhari is also asking for approval of a grant of $125 million.

The Senate President, Ahmad Lawan, read the request letter to plenary of the upper legislative chamber who just resumed after its annual two months vacation.

The President explained that the need to borrow more funds was to finance emerging needs of critical Projects contained in the budget.

He said the loan request is an addendum to the proposed 2018 – 2021 Federal Government External Borrowing Rolling Plan earlier approved by the National Assembly.

He added that, all the “projects listed in the external borrowing plan are to be financed through sovereign loans from World Bank, French Development Agency, EXIM Bank and IFAD in the total sum of $4,054,476,863 and €710 million and grant components of $125 million,” president stated in the letter.