President Muhammadu Buhari is seeking the approval of the national assembly to borrow fresh sums of $4,054,476,863 and €710 million in an addendum to the 2018-2020 borrowing plan.

The president also asked the national assembly to approve grant components of $125 million.

The request was in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber on Tuesday.

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

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

“I 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,” the commander-in-chief said.

“The distinguished senate president may recall that u submitted a request on 2018-2020 borrowing plan for the approval of the senate in May 2021.

“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 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 €710 million and grant components of $125 million.”

The president said the loans, when obtained, will stimulate the economy and create jobs.