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President Muhammadu Buhari has written to the National Assembly in requests for approval to take a fresh loan of $4,054,476,863 billion and €710 million.

According to Channels TV, the president made this request in a formal letter directed to and read by the Senate President Ahmad Lawan at the plenary on Tuesday.

The letter was titled Addendum to Request For Senate’s Concurrent Approval Of Multilateral Fund Projects Under the 2018-2021 Federal Government External Borrowing (Rolling) Plan.

In the letter, President Buhari stated that the borrowing is necessary due to "emerging needs", he explained that there are some " critical projects" that require funds.

The letter reads in part; “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 I submitted a request on the 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 loans are to be borrowed from different International banks and some financial institutions listed below as stated in the letter.

“The projects listed in the addendum to the 2018-2021 Federal Government External Borrowing Plan, are to be financed through sovereign loans from the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund For Agriculture Development (IFAD), Credit Suisse Group and Standard Chartered/China Export and Credit (SINOSURE) in the total sum of USD4,054,476,863.00 plus Euro 710, 000,000.00 grant component of USD 125,000,000.00”.

Recall in May 2021, Buhari had written to the National Assembly to request approval for external loans, this is not the first time the president is writing to borrow an external loan.

Buhari, in his May request letter to the National Assembly, seeks approval to borrow the sum of N2.342 trillion which he announced meant to part-finance the budget deficit of N5.602 trillion of Nigeria 2021 budget.

Read the copy of the letter signed by President Buhari.




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