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JUST IN: Reps Approve Buhari’s $22.7 Billion Loan Request, Senate Grants Request To Borrow Another $5.5b

The House of Representatives on Tuesday approved the request by President Muhammadu Buhari to borrow $22.7 billion.



The lawmakers approved the request at Tuesday’s plenary after the committee on aids, loans, and debt management gave its report.

Similarly, the Senate on Tuesday at plenary granted the president’s request to borrow $5.5 billion for COVID-19 and “priority projects”, bringing the figures approved to $28.2 billion.



Speaker Femi Gbajabiamila, however, said the House was able to get the executive to agree to insert projects from the south-east and north-east into the next borrowing plan.

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The Senate, on the other hand, approved the $5.5 billion loan request after the chairman, committee on local and foreign debts, Clifford Ordia, presented a report during plenary.



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