Connect with us

Buhari’s $6.1bn Foreign Loan Request finally gained the Senate approval

Bukason

Published

on

Follow
POLITICS LOCAL AFFAIRS: Buhari’s $6.1bn Foreign Loan Request finally gained the Senate approval [New Politics Local Affairs] » Naijacrawl
Photo: Naijacrawl

The Nigerian Senate recently approved the Federal Government’s request for a $6.



1 billion (N2.343 trillion) loan request.

The approval was given by the majority arm of the Senate on Wednesday after due consideration of a report from its Committee on Local and Foreign Debt which were set up to work on the loan request.

while presenting the report on ground during plenary, the Chairman of the committee, Senator Clifford Ordia said the request is not new as it was approved in the borrowing plan when the National Assembly passed the 2021 budget noting that it would be used to fund the budget deficit.

President Muhammadu Buhari had earlier in May asked the National Assembly to approve the loan request, saying it would be raised from multilateral and bilateral tenders as well as the international capital market.

The Committee recommended that the Senate approves Buhari’s request for the issuance of $3,000,000,000 but not more than $6,183,081,643.40 Eurobond in the International Capital Market.

according to the panel External Borrowing of N2,343,387,942,848,should be for the financing of part of the deficit authorised in the 2021 Appropriation Act.

The Committee also recommended that the amount authorised may be raised from multiple sources such as the International Capital Market and any other Multilateral or Bilateral sources as may be available.



Click Here To Comment




Bukason
 

I'm Cyprian Enema, student of national open University of Nigeria Read More

Continue Reading
Click to comment

Be first to comment


Leave a Reply

Your email address will not be published. Required fields are marked *

Omisore Finally Becomes APC Member

Piroll

Published

on

POLITICS LOCAL AFFAIRS: Omisore Finally Becomes APC Member [New Politics Local Affairs] » Naijacrawl
Photo: Naijacrawl
Senator Iyiola Omisore, a former Deputy Governor of Osun State, and the senator that represented Osun East at the upper chamber for 8 years under People Democratic Party as officially defected to the All Progressives Congress, APC.Omisore defected to the APC at his polling Unit, Ward 6 in Ile-Ife, Osun State, after which, he picked his membership card.The former Deputy Governor had contested 2014 governorship election on the platform PDP but lost to the then incumbe...
Continue Reading

Edo 2020: Obaseki Finally Joins PDP

Piroll

Published

on

POLITICS LOCAL AFFAIRS: Edo 2020: Obaseki Finally Joins PDP [New Politics Local Affairs] » Naijacrawl
Photo: Naijacrawl
The Governor of Edo State, Godwin Obaseki has today finally join the People Democratic Party PDP in order to realise his second term ambition.It will be noted that the Governor early this week resigned from the ruling party after he has been disqualified from the primary election.Obaseki has confirmed this development via his twitter handle and it is expected to be the flag bearer of the party in the forthcoming election.
Continue Reading

Osun 2023: Fire for Fire - Adeleke Boasts of Spending Foreign Currencies to Win

Piroll

Published

on

POLITICS LOCAL AFFAIRS: Osun 2023: Fire for Fire - Adeleke Boasts of Spending Foreign Currencies to Win [New Politics Local Affairs] » Naijacrawl
Photo: Naijacrawl
As the July 14th gubernatorial election in Osun is fast approaching, the flag bearer of the peoples' democratic party for the election; Senator Ademola Adeleke has been captured in a video taken during his state-wide campaign that he is ready to spend foreign currencies in order to win.The Senator who represented the Osun-west senatorial district between 2017 and 2019, is contesting for the governorship position under the umbrella of the People's Democratic Party (P...
Continue Reading

Latest


Download Naijacrawl App today

Fastest way to read on the go

Download the Naijacrawl App.