Senate Approves $16bn, €1bn Loan Requests For President Buhari

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The Senate today approved the sum of $16,230,077,718, €1,020,000,000 and a grant of $125,000,000 as foreign loans for President Muhammadu Buhari to fund its legacy projects.

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Specifically, lawmakers approved the issuance of €500,000,000 from the Bank of Industries and €750,000,000 Eurobond in the International Capital Market.

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It asked the President to forward the terms and conditions of the loans from the funding agencies to the National Assembly.

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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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