Nigerian House Of Reps Allows N7tn Debt To President Buhari The Senate has approved President Muhammadu Buhari's request for N7.634 tril...

Nigerian House Of Reps Allows N7tn Debt To President Buhari

The Senate has approved President Muhammadu Buhari's request for N7.634 trillion in foreign debt.

The funds approved by the House at its sitting on Wednesday include $ 16.2 billion, billion 1 billion, and $ 125 million, for infrastructure projects in various parts of Nigeria.

The House approved the President's request after hearing the report of its Debt Committee, chaired by Senator Clifford Ordia, who said, “The Committee notes that these projects, some of which require additional funding, will benefit Nigerians by providing jobs, poverty alleviation, economic development, health, national security, and infrastructure. ”

He said the advisory council had agreed "to continue negotiations on a $ 16.230 billion, billion 1 billion and $ 125 million debt under the 2018-2020 sustainable budget."

In September, President Buhari submitted to the National Assembly a request for $ 4.054 billion, 710 million euros, and $ 125 million for development projects in Nigeria.

The loans will be from the World Bank and the banks of China, France, the African Development Bank, and other international financial institutions.

Source Aminya.

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