General news

Senate approves Buhari’s $ 1.5 billion and € 995 million external loan requests



Senate approves Buhari’s $ 1.5 billion and € 995 million external loan requests

By Naomi Sharang

The Senate on Wednesday approved $ 1.5 billion and € 995 million in foreign loan requests from President Mohammadu Buhari.

The approval followed consideration of the Senate Committee’s report on local and foreign debts presented by its chairman, Senator Clifford Ordia (PDP-Edo)in plenary.

The president had sent a letter to the Senate in May 2020 requesting approval for another batch of external loans to allow the administration to finance the 2020 budget deficit, critical projects and support certain states of the federation.

The federal government said the loans would be used to execute priority projects and help state governments boost their economies hit hard by the COVID-19 pandemic.

In its presentation, Ordia noted that the borrowings were loans with low interest rates and a reasonable moratorium and repayment period.

He said: “There are no unusual or onerous conditions attached to the terms of the loans and in no way compromises the viability of the Nigerian economy or calls into question the integrity and independence of Nigeria as a sovereign nation.

“The loan is in the immediate best interest of the Nigerian state and its citizens to deal with the COVID-19 pandemic so that the economy is positioned for a rapid recovery and resumption of growth.

“While Nigeria’s total public debt stock is increasing, it remains relatively low relative to the country’s GDP and increased borrowing needs are needed to support economic recovery.”

The approved loans are as follows: “$ 750 million from the World Bank for States, Fiscal Transparency, Accountability and Sustainability Program (SFTAS) to provide tax support to States.

The World Bank’s $ 750 million for the COVID-19 Economic Recovery and Recovery Action program to support state-level efforts to protect livelihoods, ensure food security and stimulate economic activity (N –CARES). ” (NOPE)


Short Link:


NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @

Victor Campenaerts warming up for the Giro d’Italia time trial on Zwift Abuja residents count losses as FCDA demolishes illegal structures Rugby Africa Sevens Solidarity Camp: All matches will be broadcast live on Saturday and Sunday on Rugby Africa’s Facebook page and Rugby Africa’s YouTube channel Adimula Commissions PTI Skill Development Academy Coronavirus – Rwanda: COVID-19 update (May 6, 2021) JUSUN, PASAN strike to end soon – FG Coronavirus – Eswatini: COVID-19 daily update (May 6, 2021) Jagun emerges new president of computer professionals council Coronavirus – Eritrea: Ministry of Health announcement (May 6, 2021) Lagos to connect 100 schools to internet in May – Sanwo-Olu #EndSARS: Insurance companies pay N4bn claims – NIA NCDC confirms 28 new COVID-19 infections in Nigeria Coronavirus – Daily update on the status of COVID-19 statistics in Zambia (May 6, 2021) Manchester United cruise into Europa League final, Arsenal slump Mining Indaba expands advisory board for 2022 Kogi Gov., Bello commiserates with Pastor Adeboye over son’s demise Angolan Petroleum Agency to host question and answer sessions for next application cycle FG inaugurates committees on National Policy on welding Coronavirus – Kenya: COVID-19 update (May 6, 2021) Leadership Centre, UNDP train 5000 civilian JTF in Yobe, Adamawa Coronavirus – Ethiopia: COVID-19 cases reported in Ethiopia (May 6, 2021) Player fined about N2.5m, banned for slapping opponent FROM THE FIELD: Ugandan conflict survivor helps communities find ‘ways forward’ Former LRA leader, former child soldier, sentenced to 25 years in prison Coronavirus – Eritrea: Ministry of Health announcement (May 5, 2021) Day of the Midwife: Invest in midwives to save more lives — UNFPA Liquid Telecom unveils new identity, Liquid Intelligent Technologies in Botswana as it establishes itself as the digital services partner of choice for African businesses Buhari salutes ex-NSC DG Al-Hassan Yakmut at 60 Chelsea whip Real Madrid to reach Champions League final Video press release: Weekly press briefing on the coronavirus epidemic Enugu State inaugurates board for universal health coverage Video Press Release: WHO Africa COVID-19 Online Briefing Singer Paul Okoye hits 1m subscribers on YouTube, receives gold plaque Coronavirus – Ethiopia: COVID-19 cases reported in Ethiopia (May 5, 2021) Coker resumes as NTDC boss WAPA reiterates commitment to vulnerable women in Lagos Coronavirus – Daily update on the status of COVID-19 statistics in Zambia (May 5, 2021) EU moots military training mission to Mozambique – Official Vaccine shortage increases risk of COVID-19 resurgence NECO releases 2020 SSCE results Rugby Africa Mulligrubbers #AfricaAsOne with the launch of the men’s seven-a-side solidarity camp China ready to discuss COVID-19 vaccine patents within WTO Energy Capital & Power, Equatorial Guinea partner for an investor report, a documentary and an American event Insecurity: Lawyers back creation of state police Niger: the new government should investigate the massacres Popular OAP Lolo 1 and her children survive car accident Burna Boy’s ‘Ye’ certified Gold in the U. S. Airport flyover rehabilitation begins, FG awards contract WHO publishes recommendation on maximum salt levels in foods Lagos places 4,000 unemployed graduates on N40,000 monthly salary