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...

More From: This Day

AllAfrica publishes around 800 reports a day from more than 130 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.