BREAKING!!! President Buhari Writes Senate, Seeks Approval For Fresh $4bn, €710m Loans

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President Buhari Signing a document -
PRESIDENT BUHARI APPROVES CABINET RESHUFFLE
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President Muhammadu Buhari has asked the Senate to approve $4 billion and €710 million external loans.

This is contained in a letter addressed to Senate President Ahmad Lawan, and read at plenary, on Tuesday.

President Buhari Signing a document -

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Buhari said the proposed loan is to be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD.

He said the loan would enable the Federal Government fund critical infrastructural projects in different sectors.

The letter reads: “I write on the above subject and submit the attached addendum to the proposed 2018-2020 external rolling borrowing plan for the consideration and concurrent approval of the Senate for the same to become effective.

“The distinguished Senate President may recall that we submitted a request on 2018-2020 borrowing plan for the approval of the Senate in May 2021.

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

“The projects listed in the external borrowing plan are to be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD in the total sum of $4,054,476,863 and €710 million and grant components of $125 million.”

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Wisdom Nwedene is a seasoned investigative reporter and a Senior Correspondent at 9NEWS NIGERIA. He is currently an editor @9News Nigeria and also a social media strategist, writer, freelancer. Wisdom Nwedene has also interviewed many top Nigerian celebrities and Politicians. Contact me via : 07034977317 .To always get our news update on WhatsApp, call or text 'add me' to, 07034977317 or send me message via Facebook : Wisdom Nwedene(https://www.facebook.com/wisdom.nwedene) Share your story with us: +234703497 7317 ( Call & SMS only) Email: Nwedenewisdom@gmail.com

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