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Ignoring outcry over rising debt, Buhari goes for fresh $4bn loan

Despite Nigeria’s fast rising debt profile, President Muhammadu Buhari on Tuesday, asked the Senate to approve $4 billion and €710 million external fresh loans.

The letter was read during plenary today by Ahmad Lawan, President of the Senate, stating that Buhari is also asking the National Assembly to approve a grant component of $125million.

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According to the president, the proposed loan would be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD.

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,” he said.

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