Even as the country is sinking deeper into the oblivion over debt burden, the Senate of the Federal Republic of Nigeria under the leadership of Ahmed Lawan as Senate President, yesterday, approved the sum of $5,803,364,553.50 and a grant component of $10 million USD under the 2018- 2020 External Borrowing (Rolling) plan.
The approval followed the consideration of a report by the Committee on Local and Foreign Debts. Chairman of the Committee, Senator Clifford Ordia, in his presentation, said the $2,300,000,000 would be sourced from the World Bank, $2,300,000,000 from the German Consortium, $90,000,000 from the Islamic Development, 786,382,967 from the China Exim Bank, $276,981,586.50 from the Bank of China, and $50,000,000from the International Fund for Agricultural Development.
He recalled that President Buhari in a communication dated May 6,2021, had requested the Senate to consider and approve the Federal Government 2018-2020 External Borrowing (Rolling) plan. According to him, the 2018-2020 External Borrowing (Rolling) Plan contained a request for approval in the sum of $36,837,281,256 plus N910,000,000 and Grant Component of $10,000,000.
Ordia noted that a report was laid by his Committee before the Senate in July 2021 recommending approval of the sum of $8,575,526,537 and N490,000,000. He added that on September 15, the President of the Senate read another Communication from the President containing an addendum to the2018-2020ExternalBorrowing (Rolling) Plan in the sum of $4,054,476,863, €710,000,000 and Grant Component of $125,000, 000 for various projects and same was also referred to the Committee for further legislative action.
