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

The senate has approved $16,230,077,718 and €1,020,000,000 loans requested by President Muhammadu Buhari.

The upper legislative chamber also approved grant components of $125 million. The president had made the request for the facilities in an addendum to the 2018-2020 borrowing plan in September.

In July, the national assembly National Assembly approved thr sums of $8.3 billion and €490 million loans as initial requests in the 2018-2020 borrowing plan. While presenting a report on Wednesday, Clifford Ordia, chairman of the senate committee on local and foreign debts, said the projects which funds are requested for in the 2018-2020 borrowing plan are ongoing.

Ordia said projects 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 World Bank, African Development Bank and the French Development Agency (AFD) are among the funding agencies.
Buhari had said the loans would stimulate the economy and create jobs.