President of the Senate, Ahmad
Lawan, on Tuesday referred the request of the President, Muhammadu Buhari, seeking
to borrow $4.054bn, €710m, and $125m external loans to the Committee on Foreign
and Local Debts.
Lawan asked the committee, led by
Senator Clifford Ordia, to work on Buhari’s request and submit its report next
Tuesday.
This followed a motion to that
effect by Senate Leader, Yahaya Abdullahi, and seconded by the Minority Leader,
Enyinnaya Abaribe.
The Senate had received a formal
request from the President last week to consider and approve an external loan
to fund projects captured under the 2018-2021 borrowing plan.
Buhari, in the letter, explained
that the projects listed in the 2018-2021 Federal Government Borrowing Plan are
to be financed through sovereign loans from the World Bank, French Development
Agency, China-Exim Bank, International Fund for Agricultural Development,
Credit Suisse Group and Standard Chatered/China Export and Credit in the total
sum 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 across key sectors
such as infrastructure, health, agriculture and food.
It also include security, energy,
education and human capital development and the COVID-19 response efforts.
Buhari said the projects, which
are spread across the six geopolitical zones, would bring about employment
generation and poverty reduction, as well as protection of the most vulnerable
and very poor segments of the Nigerian society.
Part of the letter reads, “I
write in respect of the above subject and to submit the attached addendum to
the proposed 2018-2021 Federal Government External Borrowing (Rolling) Plan for
the consideration and concurrent approval of the Senate for same to become
effective.
“The Senate President may wish to
recall that I earlier transmitted a request on the proposed 2018-2020 Federal
Government External Borrowing Plan for the concurrent approval of the Senate in
May, 2021.
“However, in view of other
emerging needs and to ensure that all critical projects approved by th Federal
Executive Council, as of June 2021 are incorporated, I hereby forward and
addendum to the proposed Borrowing Plan.
“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, China-Exim Bank, International Fund for Agricultural Development,
Credit Suisse Group and Standard Chatered/China Export and Credit in the total
sum of $4,054,476,863.00; €710,000,000.00 and grant component of
$125,000,000.00.
“The Senate is kindly invited to
note that the projects and programmes in the Borrowing Plan were selected based
on positive, technical and economic evaluations and the contribution they would
make to the socio-economic development of the country including employment
generation and poverty reduction as well as protection of the most vulnerable
and very poor segments of the Nigerian society.
“The Senate may also wish to note
that all the listed projects in the addendum form part of the 2018-2021
External Borrowing Plan and cover both the Federal and States Government projects
and are geared towards the realization of the Nigeria Economic Sustainability
Plan that cut 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 geo-political zones and a summary on the expected impacts on
the socio-economic development of each of the six geopolitical zones are
attached herewith as Annex II and III.
“Given the importance attached to
the timely delivery of the projects listed in the proposed Borrowing Plan and
the benefits both the federal and state governments stand to gain from the
implementation of same, I hereby wish to request for the kind consideration and
concurrent approval of the Senate for projects listed in the addendum to the
2018-2021 Federal Government External Borrowing Plan to enable the projects
become effective.”
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