The Nigerian Senate, on Thursday, approved $5,803,364,553.50 and a grant component of $10 million under the 2018-2020 External Borrowing (Rolling) plan for the Muhammadu Buhari administration.
The approval followed the consideration of a report by the Committee on Local and Foreign Debts.
Chairman of the Committee, Clifford Ordia, in his presentation, said the $2,300,000,000 would be sourced from the World Bank, $2,300,000,000 from the German Consortium, $90,000,000 from the Islamic Development, 786,382,967 from the China Exim Bank, $276,981,586.50 from the Bank of China, and $50,000,000 from the International Fund for Agricultural Development.
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President Muhammadu Buhari in a communication dated May 6, had requested the Senate to consider and approve the 2018-2020 External Borrowing (Rolling) plan.
The plan contained a request for approval in the sum of $36,837,281,256 plus €910,000,000 and grant component of $10 million.
Ordia noted that a report was laid by his Committee before the Senate in July 2021 recommending approval of the sum of $8,575,526,537 and €490,000,000.
He that the Senate at Plenary in July 2021 approved financing for projects as recommended by the Committee above whilst the Committee continued further legislative action and consideration of the outstanding request. He added that on September 15, senate president read another communication from Buhari containing an addendum to the 2018-2020 External Borrowing (Rolling) Plan in the sum of $4,054,476,863, €710,000,000 and grant component of $125,000, 000 for various projects and same was also referred to the Committee for further legislative action.
AFRICA DAILY NEWS, NEW YORK
