Senate Speaker Gives Committee One Week To Review Buhari’s Loan Application
The Senate began legislative work at President Buhari’s request for approval of multinational fund projects under the federal government’s 2018-2021 external borrowing plan.
Recall that President Muhammadu Buhari last week requested Senate approval for an external loan of 4.054 billion dollars, 710 million euros and 125 million dollars.
Buhari in the letter explained that the projects listed in the federal government’s 2018-2021 borrowing plan are to be financed by sovereign loans from the World Bank, the French Development Agency (AFD), China-Exim Bank, International Fund for Agricultural Development (IFAD), Credit Suisse Group and Standard Chartered / China Export and Credit (SINOSURE) for a total amount of USD 4,054,476,863.00; 710,000,000.00 euros and grant component of 125,000,000.00 USD.
He explained that the amount would be used to fund federal and state government projects in key sectors such as infrastructure, health, agriculture and food security, energy, education and capital development. human, and COVID-19 response efforts.
According to the president, the projects spread across the country’s six geopolitical zones would result in job creation and poverty reduction, as well as protection of the most vulnerable and poorest segments of Nigerian society.
When the issue of applying for the loan was raised in plenary on Tuesday, Senate Speaker Ahmad Lawan referred the Senate Foreign and Local Debt Committee for proper legislative work.
The committee, which is chaired by Senator Clifford Ordia (PDP) Edo, is due to report next week Tuesday for general consideration in plenary.
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