Senate approves Buhari’s $16.2bn, €1.02bn foreign loan request

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By Abiodun Jimoh

The Senate on Wednesday approved President Muhammadu Buhari’s loan request of $16,230,077,718 billion, €1,020,000,000 billion, under the 2018-2020 External Borrowing plan.
Also approved was a grant component of $125 million and the request to the Bank of Industries for the issuance of €500 million.
The chamber’s approval of the loan requests was, however, accompanied by a resolution that the terms and conditions of the loan from the funding agencies be forwarded to the National Assembly prior to its execution for approval and proper documentation.
A statement signed by the Senate President, Ahmed Lawan’s spokesman, Ezrel Tabiowo, said the approval followed the consideration of…