Senate approves Buhari’s $ 16 billion, € 1 billion and $ 125 million loan request

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THE Senate on Wednesday approved President Muhammadu Buhari’s request to borrow $ 16,230,077,718; € 1,020,000,000 and a grant component of $ 125,000,000 under the 2018-2020 external borrowing plan.

The approval follows the review and approval of its committee’s report on local and foreign debt.

The loans were, however, approved without the terms and conditions as the Senate urged President Buhari to pass the terms of the loan to the Upper House.

President Muhammadu Buhari had, in a letter read on the Senate floor on September 15, 2021, asked lawmakers to approve the loans.

Loans must come from the World Bank, China EXIM Bank, Industrial and Commercial Bank of China, Chinese Development Bank, African Development Bank (ADB), French Development Bank (AFD) , the European Investment Bank, the International Capital Market and Standard Chartered. Bank.

The loans, Buhari said, were to finance critical infrastructure projects across the country.

Committee chairman Senator Clifford Ordia said his panel found that out of more than $ 22.8 billion previously approved for borrowing by the National Assembly under the Rolling Plan of 2016-2018 external borrowing, only $ 2.8 billion, or 10 per cent, was disbursed in Nigeria.

“The Committee therefore notes that the pressure exerted on the human and financial resources of the National Assembly to approve loans within the framework of the medium-term external borrowing plans is not necessary.

“The committee observes that these projects, some of which require additional funding, will have a significant multiplier effect on stimulating economic growth through infrastructure development, job creation, poverty reduction, health care and improving the security architecture, ”he said.

Ordia therefore recommended that the Senate approve the “ongoing negotiation of external loans in the amount of $ 16,230,077,718; € 1,020,000,000 and a grant component of $ 125,000,000 under the 2018-2020 external borrowing plan.

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