Senate President Ahmad Lawan has referred President Muhammadu Buhari’s request for permission to take $4.054bn, €710m, and $125m external loans to the Senate Committee on Foreign and Local Debts for further legislative action.
The senate had upon resumption from its two-month annual recess last week received a formal request from President Buhari to consider and approve an external loan to fund projects captured under the 2018-2021 borrowing plan.
The president in the letter explained that the projects listed in the 2018-2021 Federal Government Borrowing Plan are to be financed through sovereign loans sourced from the World Bank, French Development Agency, China-Exim Bank, International Fund for Agricultural Development, Credit Suisse Group and Standard Chartered/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.
During the plenary session on Tuesday, Lawan asked the Committee on Foreign and Local Debts, chaired by Senator Clifford Ordia, to work on loan request and submit its report next Tuesday.
The directive followed a motion moved by Senate leader Yahaya Abdullahi, and seconded by the Minority Leader, Senator Enyinnaya Abaribe.
