Buhari seeks approval of National Assembly to borrow $4bn, €710m

Buhari seeks amendment to Petroleum Industry Act

President Muhammadu Buhari has sought the approval of the National Assembly to borrow the sums of $4,054,476,863 and €710 million.

He also requested the approval of grant components of $125 million.

The Senate President, Ahmad Lawan, made this known on Tuesday when he read the letter by the president to that effect at the plenary.

The president said the approval became necessary following some emerging needs and to ensure that all critical projects approved by the Federal Executive Council as of June 2021 were incorporated.

Pointing out that the money would stimulate the economy and create job opportunities, the president explained that the request was an addendum to the 2018-2020 borrowing plan

The 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 I 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.”