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Buhari asks Senate to approve fresh loan of $4.054bn, €710m

President Muhammadu Buhari, yesterday, asked the Senate to consider and approve some external loans to fund projects captured in the 2018-2021 borrowing plan. The request by President Buhari was contained in a letter dated August 24, 2021, which was read during plenary by the President of the Senate, Ahmad Lawan.

In his explanation in the letter, the President pointed out that the projects listed in the 2018-2021 Federal Government Borrowing Plan were 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 Chartered/China Export and Credit (SINOSURE) in the total sum of USD 4,054,476,863.00; Euro 710,000,000.00 and Grant Component of USD125, 000,000.00.

He also explained that the amount would be used to fund federal and state governments’ projects which cut across key sectors such as Infrastructure, Health, Agriculture and Food Security, Energy, Education and Human Capital Development and COVID-19 Response efforts. According to the President, the projects which are spread across the six geo-political zones of the country would bring about employment generation and poverty reduction, as well as protection of the most vulnerable and very poor segments of the Nigerian society.

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