By Emmanuel Nduka
Nigeria’s President, Muhammadu Buhari’s has again asked the National Assembly to approve $4billion and €710million external loans.
The President’s latest request comes after he recently declared that the Nigerian National Petroleum Corporation (NNPC) recorded a profit of N287bn.
Also, as at June 2021, data from the Debt Management Office (DMO) informed that the “Total Public Debt Stock which comprises of the Debt Stock of the Federal Government of Nigeria (FGN), thirty-six (36) State Governments and the Federal Capital Territory (FCT) stood at N33. 107 trillion or USD87. 239 billion”.
In a letter addressed to Senate President Ahmad Lawan, and read at plenary on Tuesday, Buhari said the proposed loan is to be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD.
He added that the loan would enable the Federal Government fund critical infrastructural projects in different sectors.
“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 we 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,” part of the letter read.