Senate Approves Buhari’s $16bn, €1bn External Loans Request

Senate Approves Buhari’s $16bn, €1bn External Loans Request

The Senate on Wednesday approved President Buhari’s External Borrowing (Rolling Plan) request in the sum of $16,230,077,718, and €1,020,000,000.

The Senate also approved a grant component of $125,000,000.00 under the 2018-2020 External Borrowing (Rolling) plan for the Federal Government.

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The loans are to be funded by the World Bank, China Exim Bank, industrial, and commercial banks as well as African Development Bank (AfDB) among others.

Wednesday’s approval was sequel to the consideration of the report of the Senate Committee on Local and Foreign Debts, as presented by the Chairman of the Committee, Senator Clifford Ordia.

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Ordia, while presenting the report, said the projects which funds are requested for in the 2018-2020 borrowing plan are ongoing.

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