The Senate has approved the sum of $1.5bn and €995 million external borrowings for the Federal Government. The approval was sequel to Wednesday consideration of the report of the Senate Committee on Local and Foreign Debts on the request for approval of External Loans to finance priority projects of the Government and projects to support State Governments. President Muhammadu Buhari had last May, in a letter addressed to the Senate President, Ahmad Lawan, sought the approval of the lawmakers to borrow about $5.513 billion from external sources. Presenting his report, Senator representing Edo central and Chairman, Senate Committee on Local and Foreign Debts, Clifford Ordia, noted that the borrowings were largely concessional loans with low-interest rates and a reasonable moratorium and payback period. The 624 new cases reported between March 28 and April 3 is a reduction from the 849 recorded the previous week…Senate approves $1bn, €995m external borrowings for FG

Source: Nigerian Tribune April 21, 2021 16:18 UTC