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Lawan gives senate panel one week to assess Buhari’s $4bn loan request

Lawan gives senate panel one week to assess Buhari’s $4bn loan request
September 21
18:12 2021

Senate President Ahmad Lawan has given the senate committee on foreign and local debts, one week to assess President Muhammadu Buhari’s $4 billion loan request.

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Lawan gave the committee the ultimatum on Tuesday, after he referred the president’s request to the committee for legislative action.

The president’s loan request was contained in a letter read by Lawan on the senate’s floor last week.

In the letter, Buhari explained that owing to “emerging needs”, there is a need to raise more funds for some “critical projects”.

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“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 president had said.

In the addendum to the 2018-2020 borrowing plan, Buhari is also seeking to borrow €710 million and obtain $125 million in grants.

In July, the national assembly approved the sums of $8.3 billion and €490 million loans contained in the initial 2018-2020 borrowing plan.

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