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Senate Approves Buhari’s $16bn, €1bn External Borrowing Request

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The Senate has approved President Muhammadu Buhari’s External Borrowing (Rolling Plan) request in the sum of $16,230,077,718, and €1,020,000,000.

The red chamber on Wednesday also approved a grant component of $125 million.

 

The approval was sequel to the consideration of the report of the Senate Committee on Local and Foreign Debts, as presented by the Chairman of the Committee, Senator Clifford Ordia.

 

Ordia, while presenting the report, said the projects which funds are requested for in the 2018-2020 borrowing plan are ongoing.

 

The loans are to be funded by the World Bank, China Exim Bank, industrial, and commercial banks as well as African Development Bank (AfDB) among others.

 

The president had requested the facilities in an addendum to the 2018-2020 borrowing plan in September.

 

In July, the national assembly approved the sums of $8.3 billion and €490 million loans as initial requests in the 2018-2020 borrowing plan.

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