Lawan Gives Committee One Week To Review Buhari’s Loan Request
The President of the Senate, Ahmed Lawan, has asked the Senate Committee on Foreign and Local Debt to consider a loan request sent to the upper house by President Muhammadu Buhari last week.
Buhari had sought a loan approval of $4.054bn, €710m, $125m in a request sent to the Senate.
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The loan is part of the Multinational Fund Projects under the 2018 -2021 Federal Government External Borrowing (Rolling) Plan.
The projects to be funded with the loans would cut across different sectors of the Nigerian economy, said Buhari’s letter.
Based on the request sent by Buhari, the facility would come from the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund for Agricultural Development (IFAD), Credit Suisse Group and Standard Chartered/China Export and Credit (SINOSURE) in the total sum of USD4,054,476,863.00; Euro 710,000,000.00 and Grant Component of USD125,000,000.00.
The request which was largely criticized would be considered by the committee headed by Senator Clifford Ordia (PDP ) Edo.
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He would report back to the Senate by next Tuesday for consideration.
