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Senate endorses FG’s $2.8bn foreign loan

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The Senate Wednesday approved the request of the Federal Government to secure $2.786 billion foreign loan.

The loan is to be sourced ‎from the International Capital Market as approved in the 2018 Appropriation Act.

The upper chamber also endorsed another $82.54 million to refinance ‎the balance of $500m matured Eurobond in the international capital market.

The approval followed the consideration and adoption of the report of the Senate Committee on Local and Foreign Debts, headed by Senator Shehu Sani (Kaduna Central).

Sani who presented the report prayed the Senate to consider the report of his committee:

(a)The implementation of the New External Capital Raising of $2.786 billion from the International Capital Market approved in the 2018 Appropriation Act.

(b)The External Capital Raising of $2.54 million to refinance the balance of $500 million matured Eurobond in the International Capital Market.”

The Senate asked the government to reduce or limit its external borrowing.

It urged the government to ensure full utlitilization of the loans to be obtained for the benefit of the country.

The upper chamber empowered its relevant committees to ensure proper oversight of the loans to ensure that previous loans taken by the country were judiciously utilised.

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