Nigerian Senate Approves Buhari’s Request To Get $5.5Bn Loan

Nigerian Senate on Tuesday approved a $5.5 billion external loan request by President Muhammadu Buhari.

The president had in a letter on October 10 requested the Senate to approve $3 billion external loan and $2.5 billion Eurobond or Diaspora bond in the international market.

Presenting report of the committee, Shehu Sani, Kaduna-APC, said the projects listed for the loan would stimulate economic development and create direct and indirect jobs for Nigerians.

He added that the $2.5 billion will create more borrowing space for the private sector.