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BBC Pidgin of Wednesday, 15 September 2021

Source: www.bbc.com

External borrowing: President Buhari wan collect another loan - see why

Nigeria President Muhammadu Buhari don request di approval for anoda set of loans.

Dis time President Buhari dey seek approval from National Assembly to borrow $4,054,476,863 and €710 million respectively.

Di President request dey inside letter to di Senate, wia e explain sey di loan na part of di 2018-2020 borrowing plan.

President Buhari also tell di lawmakers to approve grant components of $125 million.

"Di distinguished senate president fit recall say I submit one request on 2018-2020 borrowing plan for di approval of the senate for May 2021.

"However, in view of oda emerging needs and to ensure sey all critical projects wey FEC approve as of June 2021 dey incorporate, I hereby forward an addendum to the proposed borrowing plan.

"Di projects listed for di external borrowing plan go get dia financing through sovereign loans from di 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," Senate President Ahmad Lawan read from di letter.