41 days after, Senate approves Buhari's $5.5bn foreign loan request

Senate okays $5.5 billion loan for FG

The Nigeria's Senate Tuesday approved a $5.5 billion external loan request by President Muhammadu Buhari.

"That the Senate do receive and consider the report of the Committee on local and Foreign Debts on the issuance of USD2.5 billion to finance the 2017 appropriation Act and USD3.0 billion to refinance domestic debts", Sani submitted.

Buhari had in a letter dated October 4, 2017, asked for the Senate approval over his administration's plan to secure two external borrowings totaling $5.5 billion.

Buhari explained that the bonds would be channelled towards funding the 2017 budget, while the loan would be used in refinancing maturing domestic debts. "And that the projects, when completed, will create jobs through a chain of economic activities". "The projects will improve the federal government's revenue".

"So we are simply refinancing the payment of the debts". He said the government will also reduce the nation's debt burden when it refinances local debts with funds sourced from foreign financial institutions.

"Mr President, Distinguished colleagues, the loan cover projects that spread across the six geopolitical zones and those projects were critical to Nigerians, so it should be approved", he said.

He said, "This Senate will continue to partner with the Federal Government in matters that concern the ordinary people of Nigeria".

Senate leader Ahmed Lawan said the loan will make a huge difference in the economy, if properly utilised. He added that he was confident that the infrastructure projects to be executed with the sums borrowed would have a major impact on the economy.



Latest news

Noteworthy Stocks to Watch For: Rite Aid Corporation (RAD), Macy's, Inc
This particular stock's 5-day moving average is 46.41, its 20-day moving average is 43.53 and its 100-day moving average is 37.42. The value of the investment in Rite Aid Corp went from $569,000 to $381,000 a change of 33.0% for the reporting period.

It's possible to obtain root access on OnePlus phones without unlocking
In this app, the developer has found activity known as "DiagEnabled", if enabled with a specific password, grants the root access. OnePlus has been alerted to the exploit and CEO Carl Pei has confirmed that the company is looking into it.

Walt Disney Company (The) (DIS) Shares Bought by Legal & General Group Plc
The firm owned 7,885,053 shares of the entertainment giant's stock after buying an additional 394,012 shares during the quarter. It increased, as 77 investors sold DIS shares while 606 reduced holdings. 44 funds opened positions while 151 raised stakes.

China's Industrial Production Slows in October
Retail sales growth has hovered in the 10% to 11% range for the last two years, in a sign of resilient domestic demand.

Georgian Excavation Site Holds the First Evidence of Wine Production
Anyone with a case of fine Burgundy in the cellar should pay homage to ancient ancestors in Georgia , suggests new research. The jars were most likely for storing wine in these areas as they depicted images of grape clusters and a man dancing.

Other news