The Senate President, Dr Ahmad Lawan, has referred the request of President Muhammadu Buhari, seeking to borrow $4.054bn, €710m, $125m external loans to the Senate Committee on Foreign and Local Debts for further legislative action.
Lawan at Tuesday’s plenary asked the Committee, chaired by Senator Clifford Ordia, to work on the Buhari’s request and submit its report next Tuesday.
This directive was sequel to a motion to that effect moved by the Senate Leader, Senator Yahaya Abdullahi, and seconded by the Minority Leader, Senator Enyinnaya Abaribe.
The Senate had upon resumption from 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 Chatered/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.