{"id":82223,"date":"2021-09-14T13:09:18","date_gmt":"2021-09-14T12:09:18","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=82223"},"modified":"2021-09-14T13:11:37","modified_gmt":"2021-09-14T12:11:37","slug":"buhari-seeks-national-assemblys-approval-to-borrow-fresh-4bn-e710m","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/09\/14\/buhari-seeks-national-assemblys-approval-to-borrow-fresh-4bn-e710m\/","title":{"rendered":"Buhari seeks national assembly\u2019s approval to borrow fresh $4bn, \u20ac710m\u00a0"},"content":{"rendered":"

Nigeria’s President Muhammadu Buhari is seeking for the approval of the national assembly to borrow fresh sums of $4,054,476,863 and \u20ac710 million in an addendum to the 2018-2020 borrowing plan.<\/p>\n

The president also called on the national assembly to approve grant components of $125 million.<\/p>\n

The\u00a0request was in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber on Tuesday.<\/p>\n

The national assembly in July approved the sums of $8.3 billion and \u20ac490 million loans contained in the initial 2018-2020 borrowing<\/a> plan.<\/p>\n

But in the letter, Buhari explained that owing to \u201cemerging needs\u201d, there is a need to raise more funds for some \u201ccritical projects\u201d.<\/p>\n

\u201cI 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,\u201d the commander-in-chief said.<\/p>\n

\u201cThe distinguished senate president may recall that u submitted a request on 2018-2020 borrowing plan for the approval of the senate in May 2021.<\/p>\n

\u201cHowever, 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.<\/p>\n

\u201cThe projects listed in the external borrowing plan are to be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD in the total sum of $4,054,476,863 and \u20ac710 million and grant components of $125 million.\u201d<\/p>\n

The president said the loans, when obtained, will stimulate the economy and create jobs.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigeria’s President Muhammadu Buhari is seeking for the approval of the national assembly to borrow fresh sums of $4,054,476,863 and \u20ac710 million in an addendum to the 2018-2020 borrowing plan. The president also called on the national assembly to approve grant components of $125 million. The\u00a0request was in a letter read by Senate President Ahmad […]<\/p>\n","protected":false},"author":17,"featured_media":79716,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[17858,17856,17857,17855,16],"class_list":["post-82223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-125-million","tag-e710-million","tag-2018-2020-borrowing-plan","tag-external-borrowing-plan","tag-national-assembly"],"yoast_head":"\nBuhari seeks national assembly\u2019s approval to borrow fresh $4bn, \u20ac710m\u00a0<\/title>\n<meta name=\"description\" content=\"Nigeria's President Muhammadu Buhari is seeking for the approval of the national assembly to borrow fresh sums of $4,054,476,863 and \u20ac710 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