Senate approves Buhari’s $16bn and €1bn loan requests


Senate approves Buhari?s $16bn and ?1bn loan requests

President Muhammadu Buhari’s $16,230,077,718 and €1,020,000,000 loan requests have been approved by the senate.


The senate also approved grant components of $125 million after Clifford Ordia, chairman of the senate committee on local and foreign debts disclosed that the projects which funds are requested for in the 2018-2020 borrowing plan, are ongoing.


According to Ordia, the projects which the funds will be used for will stimulate a “rebirth of commercial and engineering activities and the consequent tax revenues payable to Government as a result of these productive activities will increase.”


The Chairman of the senate committee on local and foreign debts added; 


“It will be recalled that the senate at plenary in July 2021 approved financing for projects as recommended by the Committee above whilst the Committee continued further legislative action and consideration of the outstanding request.

“Subsequently, on the 15th of September 2021, the President of…

Source: Linda Ikeji

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