Politics
Like Reps, Senate approves Buhari’s request for $5.8bn loan
The Senate on Wednesday approved President Muhammadu Buhari’s request for a $5.8 billion loan under the 2018-2020 External Borrowing (Rolling) plan.
The approval followed the consideration of the report of the Senate Committee on Local and Foreign Debts presented by the chairman, Clifford Ordia, at the plenary.
The House of Representatives approved the President’s request for the foreign loan on Tuesday.
Ordia had in his presentation said $2.3 billion would be sourced from the World Bank, $2.3 billion from the German Consortium, $90,000 from the Islamic Development Bank, $276.9 million from the Bank of China, and $50,000, 000 from the International Fund for Agricultural Development (IFAD).
READ ALSO: Reps approve Buhari’s $5.8bn loan request
He recalled that President Buhari in a letter dated May 6, requested the Senate to consider and approve 2018 to 2020 External Borrowing (Rolling) plan.
He said: “This figure is for various projects and same was also referred to the committee for further legislative action.
The request for the approval of $5.8 billion was part of the mandate of the committee in respect of the 2018 to 2020 External Borrowing (Rolling) plan.
“The projects to be financed with the loan will have a great multiplier effect on stimulating economic growth through infrastructure development, job creation, poverty alleviation, health care and improvement of the nation’s security architecture.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...