The Senate on Tuesday, received President Muhammad Buhari’s request, asking it to approve external borrowing plan of $4,54,476, 863 billion for multilateral fund projects under the 2018 -2021 federal government.
The FG also asked approval for another loan of $7.10 million and a grant component of 125 million dollars.
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The President of the Senate, Ahmad Lawan read Buhari’s letter as lawmakers resumed plenary, after two months annual recess on Tuesday.
According to the President, the request is as a result of emerging needs and to ensure that all critical projects approved by the Federal Executive Council (FEC), as at June 2021 are incorporated.
The projects listed in the addendum to the 2018 -2021 federal government external borrowing plan, are to be financed through sovereign loans, World Bank, French Development Agency, Chad Nexim Bank, and International Fund for Agriculture Development IFAD.
The projects in the borrowing plans were selected based on the positive, technical, economic evaluation and the impact they will have on the Nigerian economy.
Lawan said the projects listed in the external borrowing plan, covered both federal and state governments programs geared towards the realisation of Nigerian economic sustainability plan, which cuts across the key sectors of Infrastructure , Health, Agriculture, Food Security, Energy , Education , Human Capital Development(HCD) , and Covid-19 response effort.
President Buhari had transmitted a request on the proposed 2018 – 2020 external borrowing plan for the approval of the senate In may 2021.
(Edited by Tunde Orebiyi)
