Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Politics

President Buhari seeks Senate approval to borrow $4 billion

William UkpebyWilliam Ukpe
2 years ago
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.

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.

Related

Tags: debtFeaturedLoanSenate

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

Press one
hfm
Mega Millions
fidelity banner
SME
HFM
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • RECAP: Drama at Seplat Energy Plc as Access Holdings finalises new deal
  • FG confirms 3-day 2023 census exercise will commence on May 3
  • Learnhub Institute hosts second edition of the Women, Wealth, and Real Estate Conference

Follow us on social media:

Recent News

RECAP: Drama at Seplat Energy Plc as Access Holdings finalises new deal

RECAP: Drama at Seplat Energy Plc as Access Holdings finalises new deal

March 26, 2023
FG confirms 3-day 2023 census exercise will commence on May 3

FG confirms 3-day 2023 census exercise will commence on May 3

March 26, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions
  • 2023 Elections

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • 2023 Elections

© 2023 Nairametrics

error: Alert: Content selection is disabled!!