Senate has Approved a Fresh Loans For Federal Government
GoldenNewsNg gathered that the Nigerian Senate has approved external loan for Federal Government on Wednesday. With the approval, President Mohammedu Buhari is empowered to borrow $1.5 billion and another €995 million external loans. Check out Senators Salary in Nigeria with Allowances .
The loans were approved by the lawmakers after considering and adopting the report of the Senate Committee on Local and Foreign Debts, chaired by Senator Clifford Ordia . This is in spite of inflation being at 18.17%, a record high in four years.
Meanwhile, the loans were part of the external borrowings President Muhammadu Buhari had requested in May 2020, for the Red Chamber to approve for financing various priority projects of the Federal Government and to support the state governments facing fiscal challenges.
The report was presented by the Chairman of the Committee, Distinguished Senator Clifford Ordia.
