The Nigerian senate has approved a loan of $1.5 billion and addition of €995m to be borrowed as requested by President Muhammadu Buhari’s administration
The senate leader Ahmad Lawan give the approval today, Wednesday, 21 2020 after the report of the Committee on Local and Foreign debts which Senator Clifford Ordia, Chairman of the Committee, had presented
The loan was said to be borrowed from Multilateral and bilateral Banks which includes Deutsch Bank of Germany, World Bank, Export- Import Bank of Brazil
The loan, according to Ordia, was to finance priority projects of the federal government and projects to support the state governments.
A lot of Nigerian have been complaining about the level of borrowing of this present administration which the federal government claim that the loan were borrowed for the development of the country infrastructure and other amenities