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JUST IN: Nigeria Accumulates More Debts As Senate Approves Another $1.5bn, €995m External Loans For FG, States

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The sums of $1.5 billion and €995 million external loans for the Federal and State Governments have been approved

The higher Chambers of the National Assembly gave the approval after considering the report of its Committee on Local and Foreign Debts on the external borrowing plan of the Federal Government.

Addressing lawmakers, Chairman of the Committee, Clifford Ordia, said that the panel had considered the loan request and was recommending its approval.

Channels TV reports that the €995m loan is meant for agricultural mechanisation across the 774 LGAs while the $1.5 billion loan will be used to fund critical infrastructure in the aftermath of the COVID-19 pandemic across the 36 states and the federal capital territory.

The loan is to be facilitated by the International Monetary Fund (IMF), World Bank, African Development Bank Group (AFDB), and Export/Import Bank of Brazil.

Updates soon…

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