Senate approves Buhari’s foreign loan request without knowing terms and conditions


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The Senate on Wednesday approved the federal government’s request to borrow 16.2 billion euros, 1 billion euros and a subsidy of 125 million dollars as part of the external borrowing plan (rolling) 2018-2020.

Approval follows review and approval of the Senate Committee Report on Local and Foreign Debt.

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

President Muhammadu Buhari had, in a letter read to the Senate on September 15, 2021, asked the Red Chamber to approve loans of $ 4,054,476,863, € 710,000,000 and $ 125,000,000.

The loans must come from the World Bank, the Chinese Bank EXIM, the Industrial and Commercial Bank of China, the Chinese Development Bank, the African Development Bank (ADB), the 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 Sen. Clifford Ordia (PDP, Edo) said his panel found that out of more than $ 22.8 billion previously approved by the National Assembly as part of the rolling plan to 2016-2018 external borrowing, only $ 2.8 billion, i.e. 10% disbursed in Nigeria.

“The committee therefore notes that the strong pressure exerted on the human and financial resources of the National Assembly to approve loans under 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 our security architecture, ”he said.

He said the committee 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 as part of the 2018-2020 external borrowing plan.

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Senate approves Buhari’s foreign loan request without knowing terms and conditions

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