The Nigeria senate has yesterday gave a go ahead order to the foreign loan Mr president has requested for to fund the capital component of this year’s budget and refinance maturing domestic debt obligations.
Buhari who requested for the loan on October 10, this year was given consideration on November 14, 2017 by the chairman of the Senate committee on local and foreign dept, Alhaji Shehu Sani.
However, the chairman of the Senate committee on local and foreign dept, Alhaji Shehu Sani has said that the loan is being taken for are essential for rapid economic and social development of the country.
Narracring further, he aid that the projects includes the construction of the second runway in the Nnamdi Azikiwe International Airport, Mambilla Hydropower project expressed satisfaction with the President’s request.
Furthermore, the Senate leader Ahmad Lawan said the loan would boost the country’s economy and address infrastructural deficit.
“It is cheaper to borrow from outside to pay local debt because of the exchange rate as the $3bn would be used for refinancing of local debt,” he said.
In his remark, Deputy Senate President Ike Ekweremadu, who presided over the plenary, urged the Debt Management Office (DMO) to ensure that the country’s debt profile is within the acceptable limit.
Source: Dailytrust
إرسال تعليق