Senate President, Ahmad Lawan, yesterday referred the request of President Muhammadu Buhari to borrow $4.054 billion, €710 million and $125 million external loans to the Committee on Foreign and Local Debts.
He asked chairman of the committee, Senator Clifford Ordia, to work on the request and submit its report next Tuesday. Lawan’s action followed a motion by the Senate Leader, Yahaya Abdullahi, seconded by the Minority Leader, Enyinnaya Abaribe.
The Senate had received a formal request from the President last week to consider and approve an external loan to fund projects captured under the 2018-2021 borrowing plan.
In the letter, President Buhari said the projects listed in the 2018-2021 Federal Government Borrowing Plan were to be financed through sovereign loans from the World Bank, French Development Agency, China-Exim Bank, International Fund for Agricultural Development, Credit Suisse Group and Standard Chattered/China Export and Credit in the total sum of $4,054,476,863.00; €710,000,000.00 and grant component of $125,000,000.00.