The Senate, on Wednesday, approved $1.5bn and €995m external borrowings for the Federal Government for economic stimulus and importation of knocked down farm machines from Brazil. The action followed the consideration and adoption of the report of the Senate Committee on Local and Foreign Debts, chaired by Senator Clifford Ordia (Edo Central). The projects, according to Ordia, are States Fiscal Transparency, Accountability and Sustainability programme to provide fiscal support to states and COVID-19 Action recovery and economic stimulus programme to support state-level efforts to protect livelihoods, ensure food security and stimulate economic activity. Ordia noted that the borrowings were largely concessional loans with low interest rates and a reasonable moratorium and payback period. He also called on the Senate to make the Federal Government account for the money they had been borrowing.

Source: Punch April 22, 2021 02:19 UTC