The Senate on Wednesday approved the sum of $5, 803, 364, 553.50 and a grant component of N10 million dollars under the 2018-2020 External Borrowing (Rolling) plan.
The approval followed the consideration of a report by the Committee on Local and Foreign Debts during plenary on Wednesday.
Chairman of the Committee, Sen. Clifford Ordia, in his presentation, said the $2, 300, 000, 000 would be sourced from the World Bank, $2, 300, 000, 000 from the German Consortium, 90, 000, 000 dollars from the Islamic Development Bank, 276, 981, 586.50 dollars from the Bank of China, and $50, 000, 000 from the International Fund for Agricultural Development (IFAD).
He recalled that President Buhari in a communication dated May 6, requested the Senate to consider and approve the Federal Government 2018 to 2020 External Borrowing (Rolling) plan.
He said the 2018-2020 External Borrowing (Rolling) Plan contained a request for approval in the sum of 36,837,281,256 dollars plus €910, 000, 000 and Grant Component of 10, 000, 000, dollars and that the Senate at Plenary in July 2021 approved financing for projects as recommended by the committee whilst the committee continued further legislative action and consideration of the outstanding request.
Ordia added that on Sept. 15, 2021, the President of the Senate read another Communication from the President containing an addendum to the 2018-2020 External Borrowing (Rolling) Plan in the sum of $4, 054, 476, 863, €710, 000, 000 and Grant Component of 125,000, 000 dollars.
“This figure is for various projects and same was also referred to the Committee for further legislative action.
In accordance with the recommendation of the committee, the Senate at plenary in Nov. 2021 approved the sum as financing for projects as recommended by the panel.
He explained that the request for the approval of 5.8 billion dollars was part of the mandate of the Committee in respect of the 2018 to 2020 External Borrowing (Rolling) plan.
“The projects to be financed with the loan will have great multiplier effect on stimulating economic growth through infrastructure development, job creation, poverty alleviation, health care and improvement of the nation’s security architecture.”(NAN)