President Muhammadu Buhari has sent a formal request to the Senate, seeking the approval of an external loan of over $4 Billion dollars and 710 million Euros to fund projects captured under the 2018 to 2021 borrowing plan.
The letter dated 24th August, 2021 was read during plenary on Tuesday by the Senate President, Ahmad Lawan.
Buhari 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 the loans 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).
The president added that the loan will be used to fund Federal and States Government projects across key sectors.
In May, Buhari 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.