• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News Politics

President Buhari seeks Senate approval to borrow $4 billion

William Ukpe by William Ukpe
September 14, 2021
in Politics, Spotlight
Reactions trail President Buhari’s signing of the Petroleum Industry Bill
Share on FacebookShare on TwitterShare on Linkedin

President Muhammadu Buhari has sent a letter to the Senate requesting to borrow over $4 billion from external lenders to fund infrastructure development.

The President sent the letter to the Senate on Tuesday citing that European banks including Credit Suisse group and Standard Chartered Bank as private lenders, according to Reuters.

The report revealed that loans range from a grant of $125 million to a 710 million Euros loan will be sourced from the World Bank, French Development Agency, China-Exim Bank and International Fund for Agricultural Development.

RelatedStories

Sterling Bank CEO advocates for AI dev’t to maintain global competitiveness

Senate passes two tax reform bills to modernize Nigeria’s fiscal framework, retains VAT at 7.5% 

May 7, 2025
Sterling Bank CEO advocates for AI dev’t to maintain global competitiveness

Nigerian Senate to address critical Tax Reform Bills after Easter holidays 

April 4, 2025

Reading the letter at the start of plenary, Senate President, Ahmad Lawan quoted the President stating:

“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,”

“The distinguished senate president may recall that u submitted a request on 2018-2020 borrowing plan for the approval of the senate in May 2021.

“However, in view of other emerging needs and to ensure that all critical projects approved by FEC as of June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan.

“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.”

Buhari stressed the need to borrow citing that the fund is to be used to meet emerging needs related to funding of crucial projects, create jobs for Nigerians and stimulate the economy.

What you should know

  • Recall Nairametrics reported in June that according to numbers issued by the Debt Management Office (DMO), Nigeria’s overall debt stock increased by N191 billion in the first quarter of this year, representing a 0.58% increase from N32.916 trillion as of December 31, 2020. The debt stock increased to N33.107 trillion by the end of March 2021,
  • In June, Senate President, Ahmed Lawan stated that the borrowing plan by the Federal Government is a necessary burden to fund the growth of infrastructure in Nigeria.
  • Last Month, the FG picked JP Morgan, Citigroup, Standard Chartered and Goldman Sachs as international bookrunners on the $6.2 billion Eurobond issue.
Tags: debtFeaturedLoanSenate
William Ukpe

William Ukpe

For further inquiries about this article contact: Email: william.ukpe@nairametrics.com or outreach@nairametrics.com. Twitter: @_sirwilliam_ @nairametrics.

Related Posts

Sterling Bank CEO advocates for AI dev’t to maintain global competitiveness
Economy

Senate passes two tax reform bills to modernize Nigeria’s fiscal framework, retains VAT at 7.5% 

May 7, 2025
Sterling Bank CEO advocates for AI dev’t to maintain global competitiveness
Economy

Nigerian Senate to address critical Tax Reform Bills after Easter holidays 

April 4, 2025
Sterling Bank CEO advocates for AI dev’t to maintain global competitiveness
Politics

Senate urges Ministry of Communications to review data cost increase in Nigeria 

March 27, 2025
Sterling Bank CEO advocates for AI dev’t to maintain global competitiveness
Politics

Senate approves Tinubu’s Emergency Rule in Rivers, establishes mediation committee to resolve political crisis 

March 20, 2025
SERAP sues Akpabio over ‘failure to reverse alleged unlawful suspension of Natasha Akpoti’
Breaking News

Court reverses order which nullified any ‘Senate’ action during Natasha’s suit against Akpabio 

March 19, 2025
Kano railway
Real Estate and Construction

Senate announces China Development Bank as new financier to complete Kaduna-Kano rail project

March 16, 2025
Next Post
Ikeja Disco records highest electricity revenue for Q3 and Q4 2022

Lagos, electricity firms sign MoU for increased power supply to residents

Comments 1

  1. Anonymous says:
    September 15, 2021 at 1:31 am

    Is this borrowing thing ever going to end

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Tinubu seeks swift action on ECOWAS Standby Force as insecurity escalates in West Africa 
  • Global oil price may surge past $150 per barrel as Iran’s parliament approves closure of Strait of Hormuz 
  • President Trump’s visa restrictions threaten 16 U.S. colleges depedent on international students 

Follow us on social media:

Recent News

Tinubu seeks swift action on ECOWAS Standby Force as insecurity escalates in West Africa 

Tinubu seeks swift action on ECOWAS Standby Force as insecurity escalates in West Africa 

June 22, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 

Global oil price may surge past $150 per barrel as Iran’s parliament approves closure of Strait of Hormuz 

June 22, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics