Breaking: Senate Approves Buhari’s $16bn, €1bn Foreign Loans Request
- The Nigerian Senate has given approval of the $16,230,077,718, €1,020,000,000 and a grant of $125,000,000 as foreign loans of President Buhari
- The red chamber approved precisely, the issuance of €500,000,000 from the Bank of Industries and €750,000,000 Eurobond in the International market
- Meanwhile, the lawmakers requested from the president, the terms and conditions of the loan from the funding agencies
Abuja- Amid harsh economic realities, the Senate on Wednesday, November 10, approved the sum of $16billion, €1billion and a grant of $125million as foreign loans of President Muhammadu Buhari, to fund its legacy projects.
The Punch reported that the red chamber specifically approved the issuance of €500million from the Bank of Industries and €750millon Eurobond in the International Capital Market.
It asked the President to forward the terms and conditions of the loan from the funding agencies to the National Assembly.
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The lawmakers gave the approval following the consideration of the report of its Committee on Local and Foreign Debts, chaired by Senator Clifford Ordia, The Nation also reported.
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The recommendation of the Committee:
“That the Senate do approve the under listed ongoing negotiation of external borrowing in the sum of $16,230,077,718, €1,020,000,000.00 and a grant component of $125,000,000.00 under the 2018-2020 External Borrowing (Rolling) Plan, was approved by Senators when it was put to voice vote by Senate President Ahmad Lawan at plenary."
From Obasanjo to Buhari: List of loans borrowed under Nigeria's 4 Presidents
Meanwhile, Legit.ng had earlier reported that President Muhammadu Buhari stirred heated reactions from Nigerians when he tabled a fresh request for the approval of another set of loans before the Senate.
The Nigerian leader sought approval from the National Assembly to borrow $4,054,476,863.00, €710 million and a grant of $125 million.
Many Nigerians are against the borrowing spree of the current administration as it seeks to provide more infrastructure amid dwindling revenue.
What I told Buhari about borrowings - Lawan
In other news, Ahmad Lawan, president of the Senate, has advised President Buhari to reduce the external borrowings being incurred to fund the country’s annual budgets.
The principal lawmaker advised the president to, instead, focus on blocking financial leakages and avoiding wastage in all tiers of government.
Legit.ng gathered that Lawan said this on Monday, August 23, in Abuja, after a closed-door meeting with President Buhari at the State House.
Source: Legit.ng
