President Tinubu move for new loans, Nigeria total debt go reach over $110bn
For one letter wey dem read during senate plenary, di president request $5 billion loan from First Abu Dhabi Bank for United Arab Emirates (UAE).
Di request wey President Bola Ahmed Tinubu send to National Assembly on Tuesday, wey be over $6 billion foreign loans, go make Nigeria debt stock pass $110bn.
Dis one dey happen as International Monetary Fund (IMF) don show concern about high debt vulnerabilities wey dey affect low income countries.
Di president, for two separate letters wey e write to Senate President, Godswill Akpabio, and House of Representatives Speaker, Abbas Tajudeen, talk say di new foreign loans go use am fund infrastructure, pay debt, and fix ports.
For one letter wey dem read during plenary, di president request $5 billion loan from First Abu Dhabi Bank for United Arab Emirates (UAE).
According to di letter, if dem grant di request, e go make di country debt stock reach $110.3 billion.
As e dey urge National Assembly make dem give “urgent approval,” di president note say di collateral for di loan go include Naira-denominated securities.
For anoda separate letter to National Assembly, di president request anoda $1 billion to fix Lagos Port Complex and Tin Can Island Port.
E talk say Citibank London arrange di facility and UK Export Finance (UKEF) cover am, mainly to modernize di two Lagos ports so dat dem go improve functionality, safety, and efficiency.
For di letter wey dem address to Senate President and Speaker of di House, wey dem read during plenary, di president talk say di rehabilitation work for di two ports go fix problems wey don dey since many years, improve safety and global best practices, and also support di country economy growth.
Di president talk say if dem approve di loan, e go get repayment period of 14 years, including 48-month additional availability period.
E add say di loan term get 1.1 percent availability fee and 1.07 percent UKEF premium.
Before dis time, di chairman of Senate Committee on Foreign and Local loans, Senator Wamakko Magatarkada Aliyu (Sokoto North), talk say im committee don do extensive deliberation on di proposed loans before dem submit dia report to plenary for approval.