Senate approves Buhari’s $5.8 billion external loan request

The Senate on Wednesday approved $5,803,364,553.50 and a $10 million grant component under the 2018-20 external borrowing plan (rollover).

The approval follows consideration of a report by the Local and External Debt Committee.

The chairman of the committee, Senator Clifford Ordia, said in his presentation that the $2.3 billion would come from the World Bank, $2.3 billion from the German Consortium, $90 million from Islamic Development, 786.3 million from the China Exim Bank, $276.9 million from the Bank of China and $50 million from the International Fund for Agricultural Development.

He recalled that President Buhari, in a communication dated May 6, 2021, requested the Senate to consider and approve the Federal Government’s External Borrowing (Rollover) Plan 2018-2020.

According to him, the external borrowing plan (rollover) 2018-2020 contained a request for approval of 36.837 billion dollars plus 910 million euros and a grant component of 10 million dollars.

Ordia noted that a report was tabled by his committee before the Senate in July 2021 recommending approval of $8.575 billion and €490 million.

He further recalled that the Senate, during the July 2021 Plenary, had approved project funding as recommended by the Committee above, while the Committee continued legislative action and consideration of the pending request. .

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