President Muhammadu Buhari has written to the Senate, demanding for the approval of $4 billion and €710 million external loans.
The president is also asking the national assembly to approve grant components of $125 million.
The request was contained in a letter read by Senate President Ahmad Lawan on the Senate floor Tuesday.
Buhari in the letter said the proposed loan would be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD.
He also noted that the loan would be used to fund critical infrastructural projects across the country.
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.”
This is coming after the recent loan request the President made in May.
Buhari had requested a loan to finance the N5.6 trillion 2021 budget deficit.
Also, the Senate had also in April approved $1.5 billion and €995 million external borrowings.
