The Nigerian Senate on Wednesday, approved the External Borrowing (Rolling Plan) request of $16,230,077,718, and €1,020,000,000 tendered by the President Muhammadu Buhari led adminstration. ayokinews.com reports
A grant component of $125 million was also approved by the upper chamber of the Nigerian legislature.
According to the federal government, the loans are to be funded by the China Exim Bank, World Bank, industrial, and commercial banks as well as the African Development Bank (AfDB) among others.
The Senate approval of the loan was sequel to a consideration report presented by the Chairman of the Committee on Local and Foreign Debts, Senator Clifford Ordia.
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While presenting the report before the Senate, Ordia, stated that the projects which funds are requested for in the 2018-2020 borrowing plan are ongoing.
Senator Ordia, noted that the projects will stimulate a “rebirth of commercial and engineering activities and the consequent tax revenues payable to Government as a result of these productive activities will increase.”
