Lawan gives senate panel one week to assess Buhari’s $4bn loan request

Senate President Ahmad Lawan has given the senate committee on foreign and local debts, one week to assess President Muhammadu Buhari’s $4 billion loan request.

Lawan gave the committee the ultimatum on Tuesday, after he referred the president’s request to the committee for legislative action.

The president’s loan request was contained in a letter read by Lawan on the senate’s floor last week.

In the letter, Buhari explained that owing to “emerging needs”, there is a need to raise more funds for some “critical projects”.

“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 president had said.

In the addendum to the 2018-2020 borrowing plan, Buhari is also seeking to borrow €710 million and obtain $125 million in grants.

In July, the national assembly approved the sums of $8.3 billion and €490 million loans contained in the initial 2018-2020 borrowing plan.