Loan

Senate approves Buhari’s $5.8bn loan request

Senate approves Buhari’s $5.8bn loan request

The Nigerian Senate on Wednesday in Abuja approved the sum of $5,803,364,553.50 USD and a grant component of N10 million USD under the 2018-2020 External Borrowing (Rolling) plan as requested by President Muhammadu Buhari. The approval followed the consideration of a report by the Committee on Local and Foreign Debts, chaired by Senator Clifford Ordia (PDP Edo Central) during Wednesday’s plenary. In his presentation, Senator Ordia said the $2,300,000,000 would be sourced from the World Bank, $2,300,000,000 from the German Consortium, $90,000,000 from the Islamic Development Bank, $786,382,967 from the China Exim Bank, $276,981,586.50 from the Bank of China, and…
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