The Senate has asked its Committee on Foreign and Local Debts to work on President Muhammadu Buhari’s $4.054bn, €710m and $125m external borrowing request.
This is coming a week after Buhari’s letter seeking the Red Chamber’s approval for the loan was read on the floor of the Senate.
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Buhari, in his letter dated 24th August, 2021, said the loan was to fund projects captured under the 2018-2021 borrowing plan.
Buhari said the projects listed in the 2018-2021 Federal Government Borrowing Plan are to be financed through sovereign loans from the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund for Agricultural Development (IFAD), Credit Suisse Group and Standard Chatered/China Export and Credit (SINOSURE) in the total sum of USD4,054,476,863.00; Euro 710,000,000.00 and Grant Component of USD125,000,000.00.
He explained that the amount would be used to fund Federal and States Government projects cut across key sectors such as Infrastructure, Health, Agriculture and Food Security, Energy, Education and Human Capital Development and COVID-19 Response efforts.
On resumption of plenary on Tuesday, Senate President Ahmad Lawan referred the borrowing request to the Foreign and Local Debt committee for further legislative work.
The panel, chaired by Senator Clifford Ordia (PDP, Edo), was given one week to report back to the plenary.