Health Care

Senate Approves Buhari's $5.5bn Foreign Loans Request

Senate Approves Buhari's $5.5bn Foreign Loans Request”

Nigeria will move ahead with plans to borrow $5.5 billion from foreign investors after the Senate on Tuesday approved President Muhammadu Buhari request for the move.

However, the Senate on Tuesday following the adoption of a report by the Senate Committee on Local and Foreign Debts at its plenary approved the loan request.

$2.5bn is to be used for financing the 2017 budget while $3bn is to be used for refinancing domestic debts.

"The $3 billion for refinancing of the nation's domestic debts will not lead to an increase in the public debt portfolio".

The committee said that the Mambila Hydro Power Project which had always been abandoned when completed will add substantially to the National grid and improve power output of the country. "

"The projects include the Mambilla hydro-power project, construction of the second runway of the Nnamdi Azikwe International Airport, counterpart funding of rail projects and construction of Bonny road with a bridge across Opobo channel."

".

"Mr President, Distinguished colleagues, the loan cover projects that spread across the six geopolitical zones and those projects were critical to Nigerians, so it should be approved", he said.

"We're working to ensure Nigerians get dividends of democracy and return Nigeria to a construction giant", said Gbenga Ashafa, a senator representing a constituency in commercial capital Lagos, according to the Senate's official Twitter feed.

Giving further clarification, Senate leader, Ahmed Lawan noted that part of the bond would be used to offset foreign loans in order to reduce pressure on the nation's foreign reserves. "The executive has tried also to comply with laws that govern the seeking approval for loans", he said. He added that he was confident that the infrastructure projects to be executed with the sums borrowed would have a major impact on the economy.



Like this

Latest


14 November 2017
Sun Pharma records Rs 912 crore profit, 59% dip in Q2
Sale of branded formulations in India for Q2FY18 was Rs. 2,221 crores, up 11 percent and accounted for 34 percent of total sales. Ahead of the earnings, shares of Sun closed down 1.2% in Mumbai trading, while the benchmark S&P BSE Sensex lost 0.28%.

14 November 2017
International Monetary Fund upgrades Korea's economic growth outlook
This year's growth outlook was revised up to 3.2 percent from 3.0 percent estimated by the global body in the previous month. The country's central bank froze its benchmark interest rate at an all-time low of 1.25 percent since June past year .

14 November 2017
Australian FIs partner with eftpos network on Android Pay
This also means if your card or phone is lost or stolen, you can disable mobile payments without having to cancel your card.

14 November 2017
Bangladesh U-19 reach Asia Cup semis after defeating India
Ghosh then combined with Mohammad Tawhid Hridoy to take his side to victory with an unbroken 83-run stand for the fourth wicket. Earlier Bangladeshi bowlers managed to pick wickets at regular interval and India's Salman Khan top-scored with an unbeaten 39.

14 November 2017
Mahindra launches updated Scorpio at Rs 9.97 lakh
From the sides, you hardly see any major updates, but the two mentionable changes include the new alloy wheels and ORVMs. Mahindra and Mahindra on Tuesday, November 14, announced the launch of its much-awaited the Scorpio facelift in India.

14 November 2017
Nandi Awards 2014-16 Announced
The Government of Andhra Pradesh announced the Nandi State Award winners for 2014, 2015, and 2016 on November 14. The Nandi State Film Awards in total hands out awards in 64 categories for films, theatre and television mediums.

14 November 2017
Activist can't file class action against Facebook: EU lawyer
The EU advocate general's legal opinions are often, but not always, followed by the ECJ's judges in their final decisions. The full judgement on the case will be delivered in a number of months' time.

14 November 2017
Coca-Cola called a core holding by Wells, alcohol next?
In a very tantalizing piece of speculation, Herzog ponders if Coca-Cola will hint at a move into alcoholic beverages at the event. It is positive, as 12 investors sold CVGI shares while 23 reduced holdings. 33 funds opened positions while 28 raised stakes.

14 November 2017
Pandya wants to be 'super fit' for SA tour
People keep on talking about England tours, South Africa tours, Australia tours, which is important, which is hard. You need to understand that some things are bad.

14 November 2017
Trump at APEC summit: "I am always going to put America first"
Xi held bilateral talks with his counterpart Nguyen Phu Trong, the general secretary of the Communist Party of Vietnam . His day ended with a banquet hosted by Vietnamese President Tran Dai Quang .



Recommended