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Senate Approves FG’s $8.3bn, €490m External Borrowing Plan

The Nigerian Senate has approved the Federal Government’s 2018-2020 external borrowing rolling plan of $8.3 billion and 490 million euros.

The fund was approved today after the Senate considered the report of the Senate Committee on Local and Foreign Debts presented on the floor by its Chairman, Clifford Ordia.

According to Ordia, the loan will be garnered from multiple sources and used to finance critical projects across key sectors such as Infrastructure, Health, Agriculture and Food Security, Energy, Education, and Human Capital Development and COVID 19 Response efforts in the six geo-political zones of the country.

 

Recall that President Muhammadu Buhari had in May, asked the National Assembly to approve the loan.

 

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