Skip to main content

Senate approves Buhari’s $5.5bn foreign loan

By

Senate approves Buhari’s $5.5bn foreign loan



The Senate yesterday approved President Muhammadu Buhari’s request to take $5.5bn foreign loan to fund the capital component of this year’s budget and refinance maturing domestic debt obligations.
The approval followed the consideration of the report of the Senate Committee on Local and Foreign Debts chaired by Shehu Sani (APC, Kaduna).
Buhari’s request for the loan was read on the floor of the Senate on October 10, this year. Out of the loan, $2.5bn was for the implementation of the external borrowing approved in the 2017 appropriation act and the remaining $3bn is for the refinancing of maturing domestic debts
Presenting the report, Sani said the projects the loan is being taken for are essential for rapid economic and social development of the country.
Sani who listed the projects to include the construction of the second runway in the Nnamdi Azikiwe International Airport, Mambilla Hydropower project expressed satisfaction with the President’s request.
Contributing, Senate leader Ahmad Lawan said the loan would boost the country’s economy and address infrastructural deficit.
“It is cheaper to borrow from outside to pay local debt because of the exchange rate as the $3bn would be used for refinancing of local debt,” he said.
In his remark, Deputy Senate President Ike Ekweremadu, who presided over the plenary, urged the Debt Management Office (DMO) to ensure that the country’s debt profile is within the acceptable limit.

Comments

Post a Comment

Popular posts from this blog

Sarah Sanders' absolutely unreal explanation of Trump's anti-Muslim video tweets

By
Sarah Sanders' absolutely unreal explanation of Trump's anti-Muslim video tweets Washington (CNN) On Wednesday morning,  President Donald Trump retweeted three videos purportedly showing Muslims committing acts of violence against Christians . He did so despite the fact that the videos came from a far-right, anti-Muslim group in Britain and remain unverified. Which is all beside the point, according to White House press secretary Sarah Sanders. "Whether it is a real video, the threat is real,"  Sanders told reporters Wednesday morning . "That is what the President is talking about, that is what the President is focused on is dealing with those real threats, and those are real no matter how you look at it." When pressed on the difference between the videos being real or fake, Sanders replied, "I'm not talking about the nature of the video. I think you're focusing on the wrong thing. The threat is real, and that's what the Preside...
Post a Comment
Read more

State Dept. warned White House about possible increased threats after anti-Muslim tweets

By
State Dept. warned White House about possible increased threats after anti-Muslim tweets STORY HIGHLIGHTS The tweets appeared to depict Muslims engaged in different acts of violence "It didn't manifest in anything actionable, but it was a big concern," one State Department official said Washington (CNN) After President  Donald Trump retweeted anti-Muslims videos on Wednesday , multiple State Department officials said the department communicated to the White House that there was concern that protests could happen at US embassies. Officials feared that the tweets, which appeared to depict Muslims engaged in different acts of violence, would spark a reprise of the violent protests at US embassies in the Middle East which are already on high security alert. Protests erupted in September 2012 following the publication of an anti-Muslim video on the internet. Embassies were on alert throughout the day, although no incidents have been reported thus far...
Post a Comment
Read more

Russia investigation zeroes in on Trump inner circle

By
Russia investigation zeroes in on Trump inner circle STORY HIGHLIGHTS Mueller charged Flynn with one count of lying to the FBI It raises questions about how high up Mueller's investigation will reach Washington (CNN) Michael Flynn's downfall  Friday exacerbated grave legal and political risks that represent the most serious threat to any administration for at least 40 years, and could eventually imperil the Trump presidency itself. The plea deal cut by the fired national security adviser with Special Counsel Robert Mueller undermines much of what the White House has said about the Russia controversy engulfing the presidency. It means there is now no credible way for  President Donald Trump  to claim the Russia investigation is a hoax, made up, fake news or a witch hunt. It raises questions about who higher up the chain of command in Trump's orbit -- possibly even including the President himself -- is in Mueller's sights after he agreed to...
Post a Comment
Read more