The Senate on Thursday approved President Muhammadu Buhari’s request for ongoing external loans to the tune of $8,325,526,537 and €490,000,000 under the 2018-2020 External Borrowing (Rolling) Plan.

The approval followed the consideration of a report on the 2018-2020 External Borrowing (Rolling) Plan by the Committee on Local and Foreign Debt.

Chairman of the Committee, Senator Clifford Ordia, in his presentation, said the Committee noted with utmost importance, the genuine and very serious concerns of Nigerians about the level and sustainability/serviceability of the country’s borrowings in the last decade.

According to the lawmaker, “our (Nigeria’s) debt service figures constitute a huge drain on our revenue to the extent that it account for over 30 percent of our expenditure in the annual budget.”

He explained that due to the shortfall in the country’s annual revenues in relation to the need for rapid infrastructural and human capital development, “we have had to pass deficit budget every year, requiring us to borrow to finance the deficit in our budget.”

Ordia noted that out of the total borrowing request of $36,837,281,256 contained in the re-forwarded request of Mr. President, a sum of $26,154,536,533 is for funds proposed to be borrowed from various financial institutions from the Peoples Republic of China.

He stressed that the proposed projects in the Ministries’ of Transportation, FCT, Aviation, Works & Housing, Agriculture and Water Resources and some Commissions such as National Universities Commission, North East Development Commission and the National Identity Management Commission are mostly ongoing projects and programmes in respect of which External Borrowed funds have been spent in the past, including loans.

“These projects have a great multiplier effect on stimulating economic growth through infrastructure development, job creation and poverty alleviation, stimulation of Commercial and Engineering activities and the consequent tax revenues payable to Government as a result of these productive activities” Ordia explained.

The funding agencies are: World Bank – $796,000,000; China Exim Bank – $2,901,026,509; Industrial Commercial Bank of China – $2,484,555,304; African Development Bank – $104,200,000; Africa Growing Together Fund – $20,000,000; French Development Agency – €240,000,000; European Investment Bank – €250,000,000; European ECA/KfW/IPEX/AFC – $1,959,744,724; and International Fund For Agricultural Development (IFAD) – $60,000,000.

https://www.premiumtimesng.com/news/headlines/473782-breaking-senate-approves-buharis-8-3-billion-e490-million-external-loan-request.html


https://www.chronicle.ng/2021/07/senate-approves-buharis-8-325m-e490m-external-loans/

The way buhari go finish this country ehn. I for like japa to Finland or Dubai.

Good this present government really doing wonder the campaign promises must be fulfil .The Buhari administration has lifted up 20m Nigerians from poverty through the government policies such as SMS covid 19 palliative.

No country in the world that not borrowing.

At last.

Rubber stamp Senators strike again

With nothing to show for it

According to the report fg wants to borrow $36 billion out of which $26 billion is from Chinese banks. Lawd have mercy