President Muhammadu Buhari has sent a formal request to the Senate, seeking the approval of an external loan of over $4 Billion dollars and 710 million Euros to fund projects captured under the 2018 to 2021 borrowing plan.

The letter dated 24th August, 2021 was read during plenary on Tuesday by the Senate President, Ahmad Lawan.

In the letter titled Addendum to Request For Senate’s Concurrent Approval Of Multilateral Fund Projects Under the 2018-2021 Federal Government External Borrowing (Rolling) Plan, President Buhari explained that owing to “emerging needs”, there is a need to raise more funds for some “critical projects”.

“The projects listed in the addendum to the 2018-2021 Federal Government External Borrowing Plan, are to be financed through sovereign loans from the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund For Agriculture Development (IFAD), Credit Suisse Group and Standard Chartered/China Export and Credit (SINOSURE) in the total sum of USD4,054,476,863.00 plus Euro 710, 000,000.00 grant component of USD 125,000,000.00”.