Buhari Gets Request Approved as Senate Passes $8.3bn, €490m Loans

The Nigerian Parliament has approved $8.3 billion and €490 million loans as requested by the country’s President Muhammadu Buhari.

The request was made by the Nigerian leader in May alongside a $6 billion loan that has been approved by the senate.

The Senate approved the loans after Clifford Ordia, chairman of the committee on local and foreign debts, presented the committee’s report on Thursday.

The loans are provided for under the 2018-2020 external borrowing plan of the federal government.

The loan will be pulled from a number of financial institutions including the World Bank, the African Development Bank (AfDB), the French Development Agency (AFD), the Islamic Development Bank; China Eximbank, China Development Bank and European Investment Bank among others.

In a letter to the Senate, President Buhari had said the loans will finance projects spread across the six geo-political zones of the country.

“The listed projects form part of the 2018-2020 External Borrowing Plan covered both the Federal and States Governments’ Projects and are geared towards the realization of the Nigerian Economic Sustainability Plan that cut across key sectors such as Infrastructure, Health, Agriculture and Food Security, Energy, Education and Human Capital Development and COVID 19 Response efforts,” President Buhari had said in a letter.

“A summary of some key projects in each of the six geo-political zones and a summary on the expected impacts on the socio-economic development of each of the six geo-political zones.”

By Abel Ejikeme

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