Senate Approves Buhari's Foreign Loan Request

BREAKING: Senate approves Buhari’s $5.5bn foreign loan request


The Senate has approved the request by President Muhammadu Buhari to approve Federal Government’s move to secure two external borrowings totalling $5.5bn. The approval followed the adoption of a report by the Senate Committee on Local and Foreign Debts at the plenary on Tuesday.

Buhari, in a letter dated October 4, 2017, had said the external borrowings had been captured in the 2017 Appropriation Act, which has a deficit of N2.356tn and provision for new borrowings of N2.321tn.
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