Tag: Loan Requests

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

Aminu Imam

The Senate has approved President Muhammadu Buhari’s loan request for the sum of $16.2 billion, 1.02 billion Euros, under the FG’s 2018-2020 External Borrowing plan. Also approved was a grant component of $125 million (USD), and the request to the Bank of Industries for the issuance of €500 million (Euros) but no more than €750 million Eurobond in the International Capital Market. The Uppwr 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…

Read More

Senate Approves Buhari’s $8.3 billion, €490m external loan request

Aminu Imam

…Passes harmonised PIB…As Reps step down consideration of PIB report The Senate has approved the $8.3 billion (N8,325,536,537) loan request by President Muhammadu Buhari. The Upper Chamber also approved a separate €490 million loan request by the president. The total amount is part of the 2018 – 2020 external borrowing (rolling) plan of the Federal Government. The fund was approved yesterday, after the Senate considered the report of the Senate Committee on Local and Foreign Debts. Chairman of the committee, Clifford Ordia, presented the report. President Muhammadu Buhari had in…

Read More

Buhari seeks Senate approval to borrow $6.18bn

Aminu Imam

President Muhammadu Buhari, yesterday, urged the Senate to approve a new external loan of $6.183 billion, (about N2.343 trillion) for the Federal Government to finance the 2021 Budget deficit. Senate President, Ahmad Lawan read Buhari’s letter of request on the floor of the Senate at plenary. The President is requesting for the resolution of the National Assembly for the implementation of the external borrowing of 2.18 billion dollars in the 2021 Appropriations Act. President Buhari further stated in the letter that the 2021 budget provides for 4.686 trillion as new…

Read More

Reject non-viable loan requests, Atiku tells N’Assembly

Ishaku Yohanna

Former Vice-President of Nigeria, Atiku Abubakar has asked the National Assembly to reject the approval of any new loan request meant for “projects that are not viable.” Atiku said that he cannot sit and watch the government of President Muhammadu Buhari squander the future of Nigerian Youth as well as generations yet unborn with loans that are not income-generating or production-based. Atiku stated this in a letter to the Senate President, Ahmad Lawan. In the letter, the former Vice-President said Nigeria risks insolvency if it continues to borrow money, alleging…

Read More