The Senate on Wednesday approved President Muhammadu Buhari’s request for a $5.8 billion loan under the 2018-2020 External Borrowing (Rolling) plan.
The approval followed the consideration of the report of the Senate Committee on Local and Foreign Debts presented by the chairman, Clifford Ordia, at the plenary.
The House of Representatives approved the President’s request for the foreign loan on Tuesday.
Ordia had in his presentation said $2.3 billion would be sourced from the World Bank, $2.3 billion from the German Consortium, $90,000 from the Islamic Development Bank, $276.9 million from the Bank of China, and $50,000, 000 from the International Fund for Agricultural Development (IFAD).
He recalled that President Buhari in a letter dated May 6, requested the Senate to consider and approve 2018 to 2020 External Borrowing (Rolling) plan.
He said: “This figure is for various projects and same was also referred to the committee for further legislative action.
The request for the approval of $5.8 billion was part of the mandate of the committee in respect of the 2018 to 2020 External Borrowing (Rolling) plan.
“The projects to be financed with the loan will have a great multiplier effect on stimulating economic growth through infrastructure development, job creation, poverty alleviation, health care and improvement of the nation’s security architecture.”
