Senate approves Buhari’s $16bn, €1bn loans request

SENATE

The Senate on Wednesday approved the sum of $16,230,077,718, €1,020,000,000 and a grant of $125,000,000 as foreign loans for the regime of the President, Major General Muhammadu Buhari (retd.), 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.

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The Senate gave the approval following the consideration of the report of its Committee on Local and Foreign Debts, chaired by Senator Clifford Ordia.


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By Kalu Odinakachi
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