External Borrowing: Senate Approves President Buhari’s $2.786bn Loan Request

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The Senate has approved President Muhammadu Buhari’s loan request to raise $2.786bn external capital from the international market.

The plan was approved in the 2018 Appropriation Act.

The external capital raising of 82.54 million dollars to refinance the balance of 500million dollars was also approved by the lawmakers.

Chairman of the Committee on Local and Foreign Debts during the reports revealed that the approval will help aid the cost of borrowing and debt profile of the country.

But the Senate has however advised the Federal Government to reduce its request for more external borrowing and try to look for a way to improvise internally generated revenue.

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