Buhari’s $8.3 billion, €490 million external loan request is approved by the Senate

buhari's $8.3 billion, €490 million external loan request is approved by the senate
buhari’s $8.3 billion, €490 million external loan request is approved by the senate

The Senate has approved President Muhammadu Buhari’s loan request of $8.3 billion (N8,325,536,537). The lawmakers also approved a separate loan request from the president of €490 million.

Total amount is part of the 2018 – 2020 external borrowing (rolling) plan of the federal government.

On Thursday, the Senate approved the fund after reviewing the report of the Senate Committee on Local and Foreign Debts.

Clifford Ordia, chairman of the committee, presented the report.

The National Assembly had been asked to approve the loan by President Muhammadu Buhari in May.

Upon approval of the loan, he said, projects listed in the 2018-2020 External Borrowing Plan could receive 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).

Mr. Ordia noted in his presentation that the projects were geared towards the realisation of the Nigerian Economic Sustainability Plan, which spans key sectors such as health, agriculture, energy, education, and human capital development in all six geographic regions of the country.

The funding agencies are:

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

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

More details later…

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