Lawan gives the committee a week to review Buhari’s loan applications – :::… The Tide News Online :::…
Senate Speaker Dr Ahmad Lawan returned President Muhammadu Buhari’s request yesterday, seeking to borrow $ 4.054 billion, € 710 million and $ 125 million in external loans to the Foreign and Local Debt Committee.
Lawan has asked the committee, headed by Senator Clifford Ordia, to work on Buhari’s request and submit its report next Tuesday.
This followed a motion to this effect by Senate Leader Yahaya Abdullahi and seconded by Minority Leader Enyinnaya Abaribe.
The Senate had received a formal request from Buhari last week to examine and approve an external loan to finance projects included in the 2018-2021 borrowing plan.
Buhari, in the letter, explained that the projects listed in the federal government’s 2018-2021 borrowing plan are to be financed by sovereign loans from the World Bank, the French Development Agency, the China-Exim Bank. , the International Fund for Agricultural Development, Credit Suisse Group. and Standard Chartered / China Export and Credit for a total amount of $ 4,054,476,863.00; € 710,000,000.00 and grant component of $ 125,000,000.00.
He explained that the amount would be used to fund federal and state government projects in key sectors such as infrastructure, health, agriculture and food.
It also includes security, energy, education and human capital development and Covid-19 response efforts.
Buhari said the projects spread across the country’s six geopolitical zones would result in job creation and poverty reduction, as well as protection of the most vulnerable and poor segments of Nigerian society.
Part of the letter read, “I am writing to you on the above subject matter and submitting the attached addendum to the proposed 2018-2021 Federal Government External Borrowing Plan (Rolling) for consideration and concurrent approval by the Senate for it to come into force.
“The President of the Senate may wish to recall that I previously sent a request for the draft Federal Government External Borrowing Plan 2018-2020 for simultaneous Senate approval in May 2021.
“However, in view of other emerging needs and to ensure that all critical projects approved by the Federal Executive Council, as of June 2021, are incorporated, I am hereby forwarding and an addendum to the proposed borrowing plan.
“The projects listed in the addendum to the federal government’s 2018-2021 external borrowing plan must be financed by sovereign loans from the World Bank, the French Development Agency, the China-Exim Bank, the International Fund of Agricultural Development, Credit Suisse Group and Standard Chartered. / China Export and Credit for a total amount of $ 4,054,476,863.00; € 710,000,000.00 and grant component of $ 125,000,000.00.
“The Senate is requested to note that the projects and programs of the Borrowing Plan have been selected on the basis of positive, technical and economic evaluations and the contribution they would make to the socio-economic development of the country, including the job creation and poverty reduction. as protection of the most vulnerable and poorest segments of Nigerian society.
“The Senate may also wish to note that all of the projects listed in the Addendum are part of the 2018-2021 External Borrowing Plan and cover both Federal and State government projects and are geared towards achieving the plan. of Nigeria’s economic sustainability that cuts across key sectors such as infrastructure, health, agriculture and food security, energy, education and human capital development and Covid-19 response efforts.
“A summary of some key projects in each of the six geopolitical zones and a summary of the expected impacts on the socio-economic development of each of the six geopolitical zones are attached in Annexes II and III.
“In view of the importance attached to the on-time delivery of the projects listed in the proposed borrowing plan and the benefits that the federal and state governments stand to gain from its implementation, I hereby wish to request the kind consideration and simultaneous Senate approval for the projects listed in the Addendum to the Federal Government External Borrowing Plan 2018-2021 to allow the projects to become effective.
By: Nneka Amaechi-Nnadi, Abuja