Senate approves President Buhari’s request on fresh $5.8bn borrowing

The Senate has approved the request by the President Buhari for loans amounting to $5.803 billion and a grant component of $10m under the 2018-2020 External Borrowing (Rolling) Plan of the Federal Government.

The approval followed the consideration and adoption of a report by the Senate Committee on Local and Foreign Debts.

The Chairman of the committee, Senator Clifford Ordia, said $2.30 billion would be sourced from the World Bank, another $2.30 billion from the German Consortium, $90 million from the Islamic Development, $786.383 million from the China Exim Bank, $276.982 million from the Bank of China, and $50 million from the International Fund for Agricultural Development.

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