President Muhammadu Buhari is seeking the approval of the National Assembly to borrow a fresh $4,054,476,863 and €710 million, in an addendum to the 2018-2020 borrowing plan.
The President also asked the 9th Assembly to approve grant components of $125 million.
The request was in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber, yesterday.
Recall that in July, the National Assembly approved the sums of $8.3 billion and €490 million loans contained in the initial 2018-2020 borrowing plan.
However, in the letter, Buhari explained that owing to “emerging needs”, there is a need to raise more funds for some “critical projects”.
The President said the loans, when obtained, will stimulate the economy and create jobs.