Senate approves Buhari’s request to borrow $5.5 billion to finance 2017 budget

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The $5.5 billion loan request by President Muhammadu Buhari has been approved by the senate on Tuesday. Buhari in October had written to the Senate, asking for the approval of an External loan of $5.5 billion to enable the Federal government finance the 2017 budget.

Shehu Sani, Kaduna-APC presenting report of the Senate Committee on Local and Foreign Debts of the committee, said the projects listed for the loan would stimulate economic development and create direct and indirect jobs for Nigerians.

He added that the $2.5 billion will create more borrowing space for the private sector.

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