Nigeria's Senate approves Buhari's request to seek $5.5 bln in foreign loans

Nigeria’s Senate on Tuesday approved a request by President Muhammadu Buhari to seek $5.5 billion in foreign loans.

The external borrowing would include $2.5 billion in Eurobonds to plug part of the 2017 budget deficit and $3 billion to refinance maturing domestic debt to lower the country’s funding costs.

The government said the loan will assist the government in funding rail, road and other projects in the country.

“The projects, when completed, will create jobs through a chain of economic activities.”

According to a senator representing Lagos constituency Gbenga Ashafa, said they were working to ensure Nigerians get dividends of democracy and return Nigeria to a construction giant.

Deputy Senate President Ike Ekweremadu who presided over the session assured that the Senate would continue to work with the executive arm of government to ensure that the goal of the 2017 budget is achieved.