Buhari external Borrowing plan of 4.5 Billion Dollars
The National Assembly Resumed on Tuesday, 14th September from its two months Annual Recess to a Borrowing plan request from president muhammadu Buhari.
Muhammad Buhari’s request to the Nigerian Senate is asking approval to external borrowing plan of $4,54,476, 863 billion for multilateral fund projects under the 2018 -2021 federal government.
The President is also asking the Legisture to approve another loan of 7.10 million and a grant component of 125 million dollars.
Senator Ahmed Lawan, President of the Nigerian Senate, who read the President’s Letter to lawmakers says “… the President’s request is as a result of emerging needs and to ensure that all critical projects approved by Federal Executive Council (FEC) as at June 2021 are incorporated…”
“…The projects listed in the addendum to the 2018 -2021 federal government external borrowing plan are to be financed through sovereign loans, World Bank, French Development Agency, Chad Nexim Bank, and International Fund for Agriculture Development IFAD.
The projects in the borrowing plans were selected based on the positive, technical, economic evaluation and the impact they will have on the Nigerian economy…”
Senator Lawan says the projects listed in external borrowing plan covered both federal and state governments programs geared towards the realization of Nigerian economic sustainability plan which cuts across the key sectors of Infrastructure , Health, Agriculture, Food Security, Energy , Education , Human Capital Development(HCD) , and Covid-19 response efforts.
President Buhari earlier transmitted a request on the proposed 2018 – 2020 external borrowing plan for the approval of the senate In may 2021
The senate on Tuesday also received President Muhammad Buhari’s request for Consideration of ” Explosive Bill 2021″.
The President of the Senate, Ahmad Lawan while reading Buhari’s letter “… the Bill seeks to repeal the Explosive Act of 1964…”
Lawan says the bilk also seeks to reenact the Explosive Act to regulate the manufacturing, storage, purchase, possession and for matters related to the ordinance.
The Senate also received the small arms and light weapons bill from President Muhammadu Buhari seeking for the approval of the legislators to consider the bill.
The small arms and light weapons bill 2021 seeks to transform the presidential committee on small arms and light weapon into a national center for the control of small arms and light weapons.
The Bill if passed by the legislature will place the control, coordination and management of the content of the Bill under the office of the national security adviser,
It is expected that when the National centre for the control of small arms and light weapons becomes operational, it will help the country’s commitment to the global fight against proliferation of small arms and light weapons including mopping out of existing small arms which has become a major drive of ins ecurityin the country.