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Businessday / Politics

Senate approves President Buhari’s request to seek $5.5 billion foreign loan

Senate approves President Buhari’s request to seek $5.5 billion foreign loan

The Senate has approved the request of President Muhammadu Buhari to seek a $5.5 billion foreign loan.

The loan was approved during the Senate’s plenary session on Tuesday.

President Buhari, in a letter adressed to the National House of Assembly in October, explained that $2.5 billion of the loan would be utilized in financing the 2017 budget while the remaining $3 billion is to be channeled into refinancing domestic debts.

The Senators, upon approving the loans, vowed to effectively oversight all the projects outlined to be executed with the loans.

The Senate’s approval of the loan followed the consideration of the report submitted by its Committee on Local and Foreign Debts headed by Senator Shehu Sani.

The committee recommended the approval of the loan, confirming that the projects aligns with the borrowing plan of the 2017 Appropriation act.

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