Senate Approves Buhari’s $16bn, €1bn Loan Request

The Senate on Wednesday approved the sum of $16,230,077,718, €1,020,000,000 and a grant of $125,000,000 as foreign loans for the regime of the President, Major General Muhammadu Buhari (retd.), 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 loans from the funding agencies to the National Assembly.

The Senate gave the approval following the consideration of the report of its Committee on Local and Foreign Debts, chaired by Senator Clifford Ordia.

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