PRESIDENT MUHAMMADU BUHARI WRITES HOUSE OF ASSEMBLY TO APPROVE 4 BILLION DOLLAR LOAN

Written by on September 14, 2021

President Muhammadu Buhari has sent a request letter to the President of the Nigerian Senate Senator Ahmed Lawan for the approval of a 4 billion dollars and 710 million Euro loan.

According to the letter which was read during plenary, the president asked the legislature to also approve another grant components of $125 million in the 2018-2020 external rolling borrowing plan.

 

President of Nigeria Muhammadu Buhari

 

The president explained that the proposed loan expected to be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD would enable the Federal Government to fund critical infrastructural projects in different sectors across the country.

In the letter, he stated that in view of other emerging needs to ensure that all critical projects approved by the federal executive council as of June 2021 are incorporated, thus the need for him to forward an addendum to propose the borrowing plan.


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