Despite public outcry over incessant borrowing by the current administration, President Muhammadu Buhari on Tuesday, asked the Senate to approve $4 billion and €710 million external loans.
The development was captured in a letter addressed to Senate President Ahmad Lawan and read at plenary.
According to the president, the proposed loan would be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD.
Buhari noted that the loan, if approved, would enable the Federal Government to fund critical infrastructural projects in different sectors 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.”