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Reading: Senate Approves President Buhari’s Request to Seek For $5.5 Billion Foreign Loan
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News

Senate Approves President Buhari’s Request to Seek For $5.5 Billion Foreign Loan

Farouk Mohammed
By Farouk Mohammed
Published: November 14, 2017
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The Senate has approved the request to seek a $5.5 billion foreign loan made by President Muhammadu Buhari. In a letter sent to the house last month, President Buhari said that $2.5 billion of the loan would be used to finance the 2017 budget while $3 billion is to be used for refinancing domestic debts.

After approving the loans, the Senate promised to properly oversight all the projects that the loans are meant to support in the outgoing 2017 budget.

The approval followed the consideration of the report of the Senate Committee on Local and Foreign Debts whose Chairman, Senator Shehu Sani asked that the loan be approved as they are in line with the borrowing plan of the 2017 Appropriation act.

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ByFarouk Mohammed
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Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article PHOTOS: President Buhari Commissions Projects in Ebonyi
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