Economy
Senate approves Buhari’s $16bn, €1bn loan request to fund “legacy projects”
The Ahmed Lawan led Senate has approved President Muhammadu Buhari’s request for the sum of $16,230,077,718, €1,020,000,000 and a grant of $125,000,000 as foreign loans to fund legacy projects.
The Senate gave it’s nod to the President’s loan request after due consideration of the Senator Clifford Ordia led Committee on Local and Foreign Debts report.
It however asked the President to forward the terms and conditions of the loans from the funding agencies to the National Assembly.
The World Bank, African Development Bank and the French Development Agency (AFD) are among the funding agencies.
President Buhari had said the loans would stimulate the economy and create jobs.
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