Senate approves Buhari's $5.5 billion external loan request

Alicia Farmer
November 14, 2017

Nigeria's Senate on Tuesday approved a request by President Muhammadu Buhari to seek $5.5 billion in foreign loans.

According to Buhari's letter on October 4, 2017, the external borrowing was captured in the 2017 budget which has a deficit of N2.35 trillion out of which N2.321 trillion is to be borrowed. "The projects when completed will create jobs through exchange of downstream economic activities". "I believe that we should give the opportunity of borrowing these loans to the Federal Government so that we will turn Nigeria to a construction site all over the zones".

Refinancing refers to the process of eliminating an existing debt with payments from another loan obtained under more favourable terms. He said the government will also reduce the nation's debt burden when it refinances local debts with funds sourced from foreign financial institutions.

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The committee said that the Mambila Hydro Power Project which had always been abandoned when completed will add substantially to the National grid and improve power output of the country.

"The construction of the second runway of the Nnamdi Azikiwe worldwide airport will enhance the safety of the air passengers, increase the use of airports by global airlines thus increase the revenue of the government". He added that he was confident that the infrastructure projects to be executed with the sums borrowed would have a major impact on the economy.

Presiding Deputy Senate President Ike Ekweremadu after the passage said the upper chamber will continue to support all efforts by the executive to boost the economy as long as such fiscal instruments are for the betterment of the Nigerian people.

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