Senate approves Buhari’s request for $8.325m, €490m external loans

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Senate approves Buhari’s request for $8.325m, €490m external loans

Nigerian Navy
Nigerian Navy
President Muhammadu Buhari

The Senate on Thursday approved President Muhammadu Buhari’s request for ongoing external loans to the tune of $8,325,526,537 and €490,000,000 (Euros) under the 2018-2020 External Borrowing (Rolling) Plan.

The approval followed the consideration of a report on the 2018-2020 External Borrowing (Rolling) Plan by the Committee on Local and Foreign Debt.

The Chairman of the Committee, Sen. Clifford Ordia, in his presentation, said the committee noted with utmost importance, the genuine and very serious concerns of Nigerians about the level and sustainability/serviceability of the country’s borrowings in the last decade.

According to the lawmaker: “Our (Nigeria’s) debt service figures constitute a huge drain on our revenue to the extent that it accounts for over 30 per cent of our expenditure in the annual budget.”

Ordia explained that due to the shortfall in the country’s annual revenues in relation to the need for rapid…



Source: Vanguard Newspaper