The Senate on Wednesday approved President Muhammadu Buhari’s External Borrowing (Rolling Plan) request in the sum of 16.2 billion dollars and 1 billion Euro.
Also approved by the upper chamber was a grant component of 125
million dollars.
The loans are to be funded by the World Bank, China Exim Bank,
industrial, and commercial banks as well as African Development Bank
(AfDB) among others.
Wednesday’s approval was sequel to the consideration of the report of
the Senate Committee on Local and Foreign Debts, as presented by the
Chairman of the Committee, Senator Clifford Ordia.
Ordia, while presenting the report, said the projects which funds are
requested for in the 2018-2020 borrowing plan are ongoing.
According to the lawmaker, the said projects will stimulate a rebirth of
commercial and engineering activities and the consequent tax revenues
payable to Government as a result of which productive activities will
increase.
