Senate Approves Plan To  Borrow $227 billion For Presidency~NEWSEXTRA - NEWS EXTRA ONLINE

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Thursday, 5 March 2020

Senate Approves Plan To  Borrow $227 billion For Presidency~NEWSEXTRA





The Nigerian Senate on Thursday approved a 2016- 2018 External Borrowing Plan of $22.7 billion for the Federal Government to execute key Infrastructural projects in the country.

The approval followed a Consideration of the report of the Committee on Local and Foreign Debts by the Chairman, Senator Clifford Ordia, Peoples Democratic Party, PDP, Edo Central.

President Muhammadu Buhari had on November 28, written to the Senate, seeking for the approval of 2016- 2018 External Borrowing of $30 billion.

The letter dated November 26, 2019, was read on the floor of the Red Chamber by the President of the Senate, Ahmad Lawan, during a plenary session.

In the letter, the presidency explained the imperative need to re-seek the approval as the Eighth National Assembly only approved a part of the External Borrowing request forwarded to it in September 2016

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