The ninth Senate has approved $16,230,077,718 and €1,020,000,000 loans requested by Nigeria’s President, Muhammadu Buhari to fund its legacy projects.
The red chamber specifically approved the issuance of €500,000,000 from the Bank of Industries and €750,000,000 Eurobond in the International Capital Market.
It asked the President to forward the terms and conditions of the loan from the funding agencies to the National Assembly.
However, the Senate gave the approval following the consideration of the report of its Committee on Local and Foreign Debts, chaired by Senator Clifford Ordia.
Meanwhile, president Muhammadu Buhari had made the request for the facilities in an addendum to the 2018-2020 borrowing plan in September.
The request was made some months ago in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber.
In July, the legislators approved the sums of $8.3 billion and €490 million loans contained in the initial 2018-2020 borrowing plan.
But in the letter, Buhari explained that owing to “emerging needs”, there is a need to raise more funds for some “critical projects.”
The president said the loans, when obtained, will stimulate the economy and create jobs.