BREAKING! Reps Approve Buhari’s $22.7bn Loan Request, Senate Approves The Other $5.513bn

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BREAKING! Reps Approve Buhari’s $22.7bn Loan Request, Senate Approves The Other $5.513bn

The House of Representatives on Tuesday approved Pres. Buhari’s request to take $22.7 billion in foreign loans.

The House approved the request after it considered the report of its committee on aids, loans and debt management.

President Buhari had said in 2019 that the loan was intended to fund key infrastructure in the country. The Senate had earlier given its nod to the request in March.

Last month, both Houses approved an ₦850 billion loan proposal from the president, which is to be sourced from domestic markets “to fund critical capital projects in the 2020 budget.”

Last week, the president also wrote to both chambers, seeking the approval of another $5.513 billion foreign loans. Today, The senate approved the request.