BREAKING: ‘The Borrower-In-Chief’ Of The Federal Republic Of Nigeria, President Muhammadu Buhari, Applies For Fresh $4 Billion And €710 Million Loans To Fix Very Critical Issues, Writes Emergency Letter To The 9th Senate For Immediate Approval

President Muhammadu Buhari, has written a letter to the 9th Senate, seeking for fresh loans of $4,054,476,863 and €710 million, in an addendum to the 2018-2020 borrowing plan, Page 36 learnt.

The request was contained in a letter read by the Senate President, Senator Ahmad Lawan, on the Senate floor, on Tuesday.

The President also asked the National Assembly to approve grant components of $125 million.

In July, the National Assembly approved the sums of $8.3 billion and €490 million loans, contained in the initial 2018-2020 borrowing plan.

In the letter, President Buhari stressed that the loans are necessary, in order to fix ‘critical issues’.

The President’s letter reads: “I write on the above subject, and submit the attached addendum to the proposed 2018-2020 external rolling borrowing plan for the consideration and concurrent approval of the senate for the same to become effective.

“The distinguished Senate President may recall that u submitted a request on 2018-2020 borrowing plan for the approval of the senate in May 2021. However, in view of other emerging needs and to ensure that all critical projects approved by FEC as of June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan.

“The projects listed in the external borrowing plan are to be financed through Sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD in the total sum of $4,054,476,863 and €710 million and grant components of $125 million.”

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