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BREAKING: Again, Buhari goes borrowing *Seeks $4.05million, Є710million foreign loans

By Editor on 14th Sep 2021

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Buhari

President Muhammadu Buhari has headed to the Senate once again to seek approval for another set of foreign loans, even with the outcry among a groundswell of Nigerians that Nigeria is fast sinking uncontrollably into the mire of debts, which would affect its overall wellbeing adversely.

Regardless, the President, is asking the upper legislative chambers of the National Assembly to approve $4,054,476, 863.00, Euro 710million and a grant of $125million to finance critical projects in the 2021 budget.

Senate President, Ahmad Lawan, read the President’s request contained in his letter read to the members, just returning from a two-month annual vacation, at Tuesday’s plenary, the first day of their resumption, saying the application was an addendum to the proposed 2018 – 2021 Federal Government External Borrowing Rolling Plan earlier approved by the National Assembly.

He said that the projects listed in the plan, were to be financed through sovereign loans from the World Bank, French Development Agency, China Exim Bank, International Fund for Agricultural Development (IFAD) and Credit Swiss Group, among others.

“In view of other emerging needs and to ensure that all critical projects approved by FEC as at June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan,” Buhari said.

 

 

 

Source Whirlwindnews.com.ng

Posted on September, 14 2021

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