The Senate has approved the sum of $5,803,364,553.50 and a grant component of N10 million under the 2018-2020 External Borrowing (Rolling) plan of the federal government.
The approval was sequel to the consideration at yesterday’s plenary of a report by the Senate Committee on Local and Foreign Debts. Presenting the report, the Committee Chairman, Senator Clifford Ordia, said $2,300,000,000 would be sourced from the World Bank; $2,300,000,000 would come from the German Consortium; $90,000,000 from the Islamic Development; 786,382,967 from the China Exim Bank; $276,981,586.50 from the Bank of China, and $50,000,000 from the International Fund for Agricultural Development.
He recalled that President Muhammadu Buhari in a communication dated May 6, 2021, had requested the Senate to consider and approve the federal government’s 2018-2020 External Borrowing (Rolling) plan.
According to him, the 2018-2020 External Borrowing (Rolling) Plan contained a request for approval in the sum of $36,837,281,256 plus €910,000,000 and Grant Component of $10,000,000. The ranking Senator noted that a report was laid by his Committee before the Senate in July 2021, recommending approval of the sum of $8,575,526,537 and €490,000,000.
