The Senate has given the Nigerian government the go-ahead to borrow new loans. The National Assembly granted the President Muhammadu Buhari-led administration to borrow $1.5 billion and €995 million loans.
The Senate President Ahmad Lawan approved the loans at plenary on Wednesday after the Senate considered the Committee’s report on Local and Foreign debts.
Chairman of the Committee, Senator Clifford Ordia, had presented his panel’s report, noting that the loan was to finance priority projects of the federal government and projects to support the state governments.
Senate Approves Huge Loans
According to the Senate, the loans are to be sourced from the World Bank, Export-Import Bank of Brazil and Deutsche Bank of Germany.
Though many Nigerians have expressed concerns over the loans taken by the Buhari-led administration, the Federal Government said the loans are meant to develop the nation.