Buhari Seeks Senate Approval For Fresh Loan

President Muhammadu Buhari has urged the senate to approve a fresh loan of 4 billion dollars, 710 million euro and a grant of 125million dollars to finance critical projects in the 2021 budget.

Buhari’s request was contained in his letter read by senate president Ahmad Lawan at plenary following the resumption of the upper chamber from its two-month annual vacation.

In the letter, president Buhari said the request is an addendum to the proposed 2018 – 2021 federal government external borrowing rolling plan earlier approved by the national assembly.

He said the projects listed in the addendum to the 2018 – 2021 federal government external borrowing rolling plan are to be financed through sovereign loans from the world bank, French development agency, China Exim bank, International Fund for Agricultural Development, IFAD, and credit Swiss group, among others.