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Senate approves Buhari’s $16bn, €1bn fresh loans requests

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By Steve Oko

Despite growing condemnation against the present administation’s penchant for borrowing, the Senate on Wednesday approved President Muhammadu Buhari’s External Borrowing (Rolling) plan for the Federal Government to the tune of $16,230,077,718, €1,020,000,000 and a grant component of $125,000,000.00 under the 2018-2020 External Borrowing (Rolling) plan” for the Federal Government.

Senate’s approval was sequel to the consideration of the report of the Senate Committee on Local and Foreign Debts.

The report was presented by the Chairman of the Committee, Senator Clifford Ordia, PDP, Edo Central during the plenary.

The recommendation of the Committee: “That the Senate does approve the under listed ongoing negotiation of external borrowing in the sum of $16,230,077,718, €1,020,000,000.00 and a grant component of $125,000,000.00 under the 2018-2020 External Borrowing (Rolling) Plan” was approved by Senators when it was put to a voice vote by Senate President Ahmad Lawan at plenary.

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