The Senate has begun legislative work on President Buhari’s request for approval of Multinational Fund Projects under the 2018 -2021 Federal Government External Borrowing (Rolling) Plan.
It would be recalled that President Muhammadu Buhari last week requested Senate’s approval for $4.054bn, €710m, $125m external borrowing.
Buhari in the letter explained that the projects listed in the 2018-2021 Federal Government Borrowing Plan are to be financed through sovereign loans from the World Bank, French Development Agency (AFD), China-Exim Bank, International Fund for Agricultural Development (IFAD), Credit Suisse Group and Standard Chartered/China Export and Credit (SINOSURE) in the total sum of USD4,054,476,863.00; Euro 710,000,000.00 and Grant Component of USD125,000,000.00.
He explained that the amount would be used to fund Federal and States Government projects cut across key sectors such as Infrastructure, Health, Agriculture and Food Security, Energy, Education, and Human Capital Development, and COVID-19 Response efforts.
According to the President, the projects which are spread across the six geo-political zones of the country would bring about employment generation and poverty reduction, as well as protection of the most vulnerable and very poor segments of the Nigerian society.
When the matter on the loan request came up during the plenary on Tuesday, the President of the Senate Ahmad Lawan referred to the Senate Committee on Foreign and Local Debt for proper legislative work.
The committee which is headed by Senator Clifford Ordia (PDP ) Edo, is to report back next week Tuesday for general consideration at the plenary.