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BREAKING: More Debt Hangin On Nigeria’s Neck As Buhari Returns To Borrowing Table, Seeks N’Assembly’s Approval For $4bn, Euro 710m External Loan

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President Muhammadu Buhari has urged the Senate to approve a fresh loan of $4,054,476, 863.00, Euro 710million and a grant of $125million to finance critical projects in the 2021 budget.

Buhari’s request was contained in his letter read by Senate President Ahmad Lawan at plenary following the resumption of the Upper Chamber from its two-month annual vacation.

According to the President, the request is an addendum to the proposed 2018 – 2021 Federal Government External Borrowing Rolling Plan earlier approved by the National Assembly.

He said that the projects listed in the addendum to the 2018 – 2021 Federal Government External Borrowing Rolling Plan are to be financed through sovereign loans from the World Bank, French Development Agency, China Exim Bank, International Fund for Agricultural Development (IFAD) and Credit Swiss Group, among others.

“In view of other emerging needs and to ensure that all critical projects approved by FEC as at June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan,” Buhari said.

Details shortly…

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