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Senate Approves $16billion Loan Request

Senate Approves $16billion Loan Request

The Nigerian Senate has approved sixteen billion dollars ($16,230,077,718) and a One billion Euro loan (€1,020,000,000) requested by President Muhammadu Buhari.

The upper legislative chamber also approved grant components of $125 million.

The loans are to be used to finance projects in the agriculture, electricity, digital economy and the industrial sector, among others.

Presenting a report on the floor of the Senate Wednesday, Chairman Senate Committee on local and foreign debts, Senator Clifford Odia says the projects which funds are requested for in the 2018-2020 borrowing plan are ongoing.

The World Bank, African Development Bank and the French Development Agency (AFD) are among some of the funding agencies.

President Buhari had made the request for the loans in an addendum to the 2018-2020 borrowing plan in September this year. 

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