Buhari seeks Senate’s approval for fresh $4bn, €710m loan

President Muhammadu Buhari has sought the approval of the Senate to obtain $4 billion and €710 million loan to address critical projects approved by the Federal Executive Council (FEC).

The request was contained in a letter read Tuesday by the President of the Senate, Dr Ahmed Lawan, at the resumption of plenary by the Senate after a two-month vacation.

In the letter, the President said 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.