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BREAKING: Senate approves fresh $1.5bn, €995m external loans

By Uchechi Ojo April 21, 2021307 views

The Senate has approved the sums of $1.5billion and €995million external loans for the Federal and State Governments.

The Red Chambers gave the approval after considering the report of its Committee on Local and Foreign Debts on the external borrowing plan of the Federal Government.

Chairman of the Committee, Clifford Ordia, told the lawmakers that the panel had considered the loan request and was recommending its approval.

The €995m loan is meant for agricultural mechanization across the 774 LGAs while the $1.5billion loan will be used to fund critical infrastructure in the aftermath of the COVID-19 pandemic across the 36 states and the federal capital territory.

The loan is to be facilitated by the International Monetary Fund (IMF), World Bank, African Development Bank Group (AFDB), and Export/Import Bank of Brazil.

More to follow…

Uchechi Ojo

Uchechi Ojo, is a Lagos-born and based writer, newscaster and voice-over artist. A versatile and committed journalist with the yearning to make a difference in the industry. She writes balanced, informative and interesting stories. Uchechi has the ability to interact and listen with rapt attention, excellent time management and great communication skills while paying attention to detail. She is very approachable and a good team player. Instagram | LinkedIn