President Buhari Seeks National Assembly Approval For Fresh External Loans.

President Muhammadu Buhari has asked the senate to approve 4 billion dollars and 710 million euro external loans, despite public outcry over incessant borrowing by the current administration.
According to a letter addressed to the senate president, Ahmad Lawan, and read at plenary President Buhari is also seeking the nation’s legislature’s approval for grant components of 125 million dollars in the 2018-2020 external rolling borrowing plan.

The President however explained that the proposed loan will be financed through sovereign loans from the world bank, French Development Agency, Exim bank, and IFAD while noting that the loan if approved, will enable the federal government to fund critical infrastructural projects in different sectors across the country.

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