President Buhari in a letter to the Senate is seeking approval to borrow the sum of $4billion and €710 million for critical projects.
In the letter titled Addendum to Request For Senate’s Concurrent Approval Of Multilateral Fund Projects Under the 2018-2021 Federal Government External Borrowing (Rolling) Plan, President Buhari explained that owing to “emerging needs”, there is a need to raise more funds for some “critical projects”.
“The projects listed in the addendum to the 2018-2021 Federal Government External Borrowing Plan, are to be financed through sovereign loans from the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund For Agriculture Development (IFAD), Credit Suisse Group and Standard Chartered/China Export and Credit (SINOSURE) in the total sum of $4,054,476,863.00 plus Euro 710, 000,000.00 grant component of $125,000,000.00”.