Nigeria seeks new external loans from multilateral sources

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Nigerian President Muhammadu Buhari has sought approval from the country’s upper legislature for fresh external loans from multilateral sources to finance critical projects, the senate said on Tuesday.

In a letter highlighting the country’s borrowing plan, Buhari urged the senate to give consideration and approval to the request, given the timing and benefits due to being accrued to the implementation of critical projects across the country.

According to Senate President Ahmad Lawan, who read the letter during a plenary on Tuesday, the Nigerian leader has made a request for the senate to approve the loans with a total sum of 4.5 billion U.S. dollars, 710 million euros, and a grant component of 125 million U.S. dollars.

The document is an addendum to the Nigerian government’s 2018 to 2021 external borrowing plan which would be sourced from multilateral organizations including the World Bank, French Development Agency, China Export-Import Bank, International Fund for Agriculture Development, Credit Swiss Group and Standard Chartered.

Buhari explained in the request letter to the senate that the projects to be executed with the loans are “geared toward realization of Nigeria sustainability plan,” noting the sustainability plan cuts across key sectors, such as infrastructure, health agriculture and food, security energy, education, and human capital development.

“The senate is kindly invited to know that the projects and programs in the borrowing plan were selected based on positive technical and economic evaluations and the contributions that will make the socio-economic development of the country, including employment generation and poverty reduction and protection of the most vulnerable in the society,” added the president’s letter. Enditem

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