- The Senate has approved President Muhammadu Buhari's $5.5billion foreign loan request
- The president had in October requested the Senate for the approval of the loan
- He said the bonds would be channelled towards funding the 2017 budget while the loan would be used in refinancing maturing domestic debts
The Senate on Tuesday, November 14, approved a $5.5 billion external loan request by President Muhammadu Buhari.
Premium Times reports that the president had in a letter on October 10 requested the Senate to approve $3 billion external loan and $2.5 billion Eurobond or Diaspora bond in the international market.
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NAIJ.com gathered that Buhari explained that the bonds would be channelled towards funding the 2017 budget while the loan would be used in refinancing maturing domestic debts.
Based on the Senate’s resolution, the Committee on Local and Foreign Debts on October 19 invited the minister of transportation, Rotimi Amaechi, and some other members of the executive to explain the benefits of the loan.
Presenting report of the committee, Shehu Sani representing Kaduna central, said the projects listed for the loan would stimulate economic development and create direct and indirect jobs for Nigerians.
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He added that the $2.5 billion will create more borrowing space for the private sector.
Meanwhile, NAIJ.com had previously reported that
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Source: Naija.ng