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Senate approves $16.23bn, €1.02bn external borrowings for FG

By News Desk

Lawmakers at the Red Chamber of National Assembly have approved $16,230,077,718, €1,020,000,000 and a grant component of $125,000,000.00 under the 2018-2020 External Borrowing (Rolling) plan” for the Federal Government.

The approval was coming after the lawmakers considered the report of the Senate Committee on Local and Foreign Debts by the Senate. The report was presented by the Chairman of the Committee, Senator Clifford Ordia, at plenary on Wednesday.

The lawmakers also approved the issuance of €500,000,000 from the Bank of Industries and €750,000,000 Eurobond in the International Capital Market, and asked Buhari to forward the terms and conditions of the loan from the funding agencies to the National Assembly.

“That the Senate do approve the under listed ongoing negotiation of external borrowing in the sum of $16,230,077,718, €1,020,000,000.00 and a grant component of $125,000,000.00 under the 2018-2020 External Borrowing (Rolling) Plan,” the recommendation of the committee read:

However, the lawmakers approved the recommendation when it was put to voice vote by Senate President Ahmad Lawan at plenary. The Senate gave the approval following the consideration of the report of its Committee on Local and Foreign Debts, chaired by Senator Clifford Ordia.

The loans are to be funded by the World Bank, China Exim Bank, industrial, and commercial banks as well as African Development Bank (AfDB) among others.

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