Nigeria: Senate Approves Govt's $22.7bn Loan Request

Nigerian Senate (file photo).
5 March 2020

The Senate on Thursday approved the $22.7 billion external loan request sent to it by President Muhammadu Buhari.

This was the outcome of the closed-door session of the upper chamber which lasted from 12.35pm to 1.30pm during which the report of the Senator Clifford Ordia-led committee on local and foreign loans which considered the 2016-2018 Federal Government External Borrowing (Rolling) Plan waa presented to the Senators.

The rolling plan contained the $22.7 billion loan request to fund some specific on-going projects across the country and was considered and approved at the Executive session of the Senate.

Senate President, Dr Ahmad Lawan, who spoke after the closed-door session, stated that the upper chamber will ensure that the approved loan was used specifically for the execution of the projects listed against the loan request.

Details later...

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