The Senate approved a total of $16,230,077,718, €1,020,000,000, and a donation of $125,000,000 as foreign loans for the regime of President Muhammadu Buhari to support legacy projects on Wednesday.
According to PUNCH newspaper, the red chamber explicitly authorized the issuance of €500,000,000 from the Bank of Industries and a €750,000,000 Eurobond in the International Capital Market.
It requested that the President disclose to the National Assembly the terms and circumstances of the funding agencies’ loans.
Following review of the findings of the Committee on Local and Foreign Debts, chaired by Senator Clifford Ordia, the Senate gave its approval.
