Senate approves Buhari’s $5.8bn external loan request

December 16, 2021
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The Senate on Wednesday approved $5,803,364,553.50 and a grant component of $10 million under the 2018-2020 External Borrowing (Rolling) plan. 

The approval followed the consideration of a report by the Committee on Local and Foreign Debts.

Chairman of the Committee, Senator Clifford Ordia, in his presentation, said the $2.3 billion would be sourced from the World Bank, $2.3bn from the German Consortium, $90m from the Islamic Development, $786.3m from the China Exim Bank, $276.9m from the Bank of China, and $50m from the International Fund for Agricultural Development.  

He recalled that President Buhari in a communication dated May 6, 2021, had requested the Senate to consider and approve the federal government 2018-2020 External Borrowing (Rolling) plan.

According to him, the 2018-2020 External Borrowing (Rolling) Plan contained a request for approval of $36.837bn plus 910m Euro and Grant Component of $10m. 

Ordia noted that a report was laid by his Committee before the Senate in July 2021 recommending approval of $8.575bn and 490m Euro. 

He further recalled that the Senate at Plenary in July 2021 approved financing for projects as recommended by the Committee above whilst the Committee continued further legislative action and consideration of the outstanding request.

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