President Muhammadu Buhari, on Tuesday, requested the National Assembly to approve the loan amounts of €710 million and $4,054,476,863.
According to the Cable, Buhari explained that owing to “emerging needs”, there is a need to raise more funds for some “critical projects.”
Nigeria’s debts are well over N34 trillion, with the debts growing more than 176% since Buhari assumed office. In that six year period, N20.8 trillion has been borrowed. That figure is very high especially when you consider that before his tenure began, the country’s debt was just N12.12 trillion.
However, this does not deter the President from borrowing more.
He said in the letter that was read at the floor of the House of Senate by Senate President Ahmad Lawan, “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 u 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.”