Senate Approves Buhari’s $5.5 Billion Foreign Loan Request (Read Details)

Senate Approves Buhari’s $5.5 Billion Foreign Loan Request (Read Details)

- in Local News

The Senate on Tuesday approved a $5.5 billion external loan request by President Muhammadu Buhari. The president had in a letter on October 10 requested the Senate to approve $3 billion external loan and $2.5 billion Eurobond or Diaspora bond in the international market.

Mr. Buhari explained that the bonds would be channeled towards funding the 2017 budget while the loan would be used in refinancing maturing domestic debts.

Based on the Senate’s resolution, the Committee on Local and Foreign Debts on October 19 invited the Minister of Transportation, Rotimi Amaechi, and some other members of the executive to explain the benefits of the loan.

Presenting report of the committee, Shehu Sani, Kaduna-APC, said the projects listed for the loan would stimulate economic development and create direct and indirect jobs for Nigerians. He added that the $2.5 billion will create more borrowing space for the private sector.

Dont Miss!!!  Parents Of Abducted Students Of Lagos Model School, Weep As They Stage Protest At Lagos State Government House

You may also like

President Buhari Host Billionaire Oil Magnate, Femi Otedola To Private Dinner In Aso Villa

Yesterday, Presidential palace heaved as Mr. President had