Tuesday, 14 November 2017

Senate Approves Buharis $5.5bn Foreign Loan Request

The Senate has approved the request by President Muhammadu Buhari to approve Federal Government's move to secure two external borrowings totalling $5.5 bn.
The approval followed the adoption of a report by the Senate Committee on Local and Foreign Debts at the plenary on Tuesday.
Buhari, in a letter dated October 4 , 2017, had said the external borrowings had been captured in the 2017 Appropriation Act , which has a deficit of N 2. 356 tn and provision for new borrowings of N 2 .321 tn .

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