Nigerian Senate approves $1.5 billion loan for the Federal Government

News - by RadioNow / Apr. 22nd, 2021
nigerian senate

The Senate at plenary on Wednesday approved fresh external loans of $1.5 billion and €995 million for the Federal Government. The loans were approved by the lawmakers after considering and adopting the report of the Senate Committee on Local and Foreign Debts, chaired by Senator Clifford Ordia (Edo Central). This is as inflation hits at 18.17%, reaching the highest peak in four years.

The loans are part of the external borrowings President Muhammadu Buhari had requested in May 2020, for the Red Chamber to approve for financing various priority projects of the Federal Government and to support the state governments facing fiscal challenges. Experts continue to express worry over the country’s rising debt profile, which is said to have made the country’s fiscal position increasingly fragile.

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