TUE 14 SEPT, 2021-theGBJournal- President Muhammadu Buhari has written the National Assembly, seeking fresh approval to borrow $4,054,476,863 and €710 million as part of the 2018-2020 borrowing plan.
Senate President, Senator Ahmad Lawan presented the President’s letter to Senators during Plenary today, which includes asking the National Assembly to approve grant components of $125 million.
The projects listed in the external borrowing plan are to be financed through sovereign loans from the 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,” part of the letter read.
President Buhari said the need to borrow more funds is to meet what he calls ‘’emerging needs” of some critical projects.
“ In view of other emerging needs and to ensure that all critical projects approved by FEC as of June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan,’’ the President said, hoping that when obtained, the loans will stimulate the economy and create job employment.
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