Buhari Multi-Billion Dollar Loan Request Approved By Senate
It was another landmark today at the upper chamber as the Nigerian Senate approved the sum of $16,230,077,718, €1,020,000,000, and a grant of $125,000,000 as foreign loans as requested by President Buhari to fund its legacy projects.
The red chamber specifically approved the issuance of €500,000,000 from the Bank of Industries and €750,000,000 Eurobond in the International Capital Market.
It asked the President to forward the terms and conditions of the loan from the funding agencies to the National Assembly.
The Senate gave the approval following the consideration of the report of its Committee on Local and Foreign Debts, chaired by Senator Clifford Ordia.
It would be recalled that Buhari has taken several loans since he becomes the president and moved the eternal debt of the country to over 30 Trillion Naira in less than 7 years.
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