Senate approves Buhari’s $ 8.3 billion, € 490 million external loan request

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The Senate approved President Muhammadu Buhari’s loan request of $ 8.3 billion (N 8,325,536,537).

Lawmakers also approved a separate loan request of 490 million euros by the president.

The total amount is part of the federal government’s 2018-2020 external borrowing plan.

The fund was approved Thursday after the Senate considered the report of the Senate Committee on Local and Foreign Debt.

Committee Chairman Clifford Ordia presented the report.

President Muhammadu Buhari in May asked the National Assembly to approve the loan.

The approval of the loan, he said, would finance the projects included in the 2018-2020 External Borrowing Plan through sovereign loans from the World Bank, African Development Bank (AfDB), French Development Agency (AFD), Islamic Development Bank, China EXIMBank, China Development Bank, European Investment Bank, European ECA, KfW, lPEX, AFC, India EximBank and International Fund for Agricultural Development ( IFAD).

In his presentation, Mr. Ordia noted that the projects are geared towards achieving the Nigerian Economic Sustainability Plan which cut across key sectors such as infrastructure, health, agriculture and food security, energy, education and human capital development and COVID 19 response efforts in the six geopolitical zones of the country.

The funders are:

World Bank – $ 796 million
China EXIMBank – $ 2.9 billion
Industrial and Commercial Bank of China – $ 2.4 billion.
African Development Bank (AfDB) – $ 104 million.
African Bank to Grow Together – $ 20 million
French Development Agency (AFD) – 240 million euros
European Investment Bank – 250 million euros
European ECA, KfW, lPEX, AFC – $ 1.95 billion
International Fund for Agricultural Development (IFAD) – $ 60 million

The Senate adopted the committee’s report and subsequently approved the loan.

More details later …



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