13 October 2017

Nigeria: Senate Refers Govt's U.S.$5.5 Billion Loan Request to Committee

Abuja — The Senate has referred President Muhammadu Buhari's request for approval of external loans of $5.5 billion to its Committee on Local and Foreign Debts for consideration.

The Deputy President of the Senate, Senator Ike Ekweremadu, presiding, directed the committee to report back in two weeks.

Buhari, in a letter dated October 4, 2017, had sought the approval of the National Assembly for external loans of $2.5 billion Eurobond Issuance to finance the 2017 national budget and $3 billion to refinance maturing domestic debts.

The president had also sought expeditious approval of the requests.

At plenary yesterday, Ekweremadu also read the president's letter nominating Mrs. Aisha Ahmad as Deputy Governor of the Central Bank of Nigeria (CBN).

Ahmad is expected to replace Dr. Sarah Alade who retired early 2017.

He also read a separate letter from the president requesting the confirmation of four members of the Monetary Policy Committee of the CBN.

The nominees are Adeola Adenikinju, Aliyu Sanusi, Robert Asogwa and Asheikh Maidugu, who are expected to replace four members of the MPC whose tenures will expire at the end of this year.

If confirmed by the Senate, they would resume in January 2017.

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