President Muhammadu Buhari is still seeking fresh loans from international financial and development institutions to upgrade critical infrastructure chief among which is the epileptic power network in the country.

The President last week in Riyadh, Saudi Arabia expressed the willingness of his administration to mobilize additional capital from development finance institutions for the upgrade of critical infrastructure in Nigeria.

Buhari said this during a meeting with the United States Treasury Secretary, Steven Mnuchin in Riyadh, last Wednesday, where they had positive discussions on investments in Nigeria under the new US International Development Finance Corporation (USIDFC), which provides $60 billion for investments in developing nations.

In a statement in Abuja, yesterday, the President’s Senior Special Assistant on Media and Publicity, Garba Shehu, said that the meeting was on the margins of the Future Investment Initiative (FII), forum in Riyadh, Saudi Arabia.

The statement quoted Buhari as saying that Nigeria would leverage on the U.S. facility to address current challenges confronting her power sector as well as general upgrade of infrastructure.

 

President Buhari Meets the King of Saudi Arabia

The President thanked the U.S government for supporting Nigeria’s anti-terrorism efforts, the statement added. It indicated that both Buhari and Mnuchin also discussed areas of strengthening Nigeria’s ongoing collaboration with the United States on stopping terrorist financing.

Mnuchin was accompanied by the Under Secretary of the Treasury for International Affairs, Brent Macintosh; and the Assistant Secretary for Terrorist Financing in the United States Treasury Department, Marshall Billingslea.

The Treasury Secretary used the occasion to introduce Macintosh, who was recently promoted to Under Secretary for International Affairs by President Donald Trump after the previous Under Secretary, David Malpass, was elected President of the World Bank.

The Nigerian leader congratulated Macintosh on his elevation, and requested for his continued support to Nigeria, especially in accessing the $60billion infrastructure fund under the USIDFC.