Senate begins consideration of $5.5bn loan request

OrderPaperToday – The Senate has commenced consideration of the request made by President Muhammadu Buhari for approval of a $5.5 billion external foreign loan to fund the 2017 budget.

Recall that Buhari had made this request in a letter read by the President of the Senate, Bukola Saraki on Tuesday.

The loan is for the issuance of USD 2.5 billion and another $3 billion Euro bond to re- finance domestic debts.

In plenary on Thursday, the Leader of the Senate, Ahmed Lawan (APC, Yobe) put forward the request for the external loan.

The Deputy President of the Senate, Senator Ike Ekweremadu accordingly referred the request to the committee on local and foreign debts to report back in two weeks.

It should be noted that the infrastructural projects to be funded according to Buhari include the Mambilla hydro- power project, construction of the second runway of the Nnamdi Azikwe International Airport, counterpart funding of rail project as and construction of Bonny road with a bridge across Opobo channel.

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