The red chamber, Wednesday approved President Muhammadu Buhari’s External Borrowing (Rolling Plan) request in the sum of $16,230,077,718, and €1,020,000,000.
The upper chamber also approved a grant component of $125 million.
The loans are to be funded by the World Bank, China Exim Bank, industrial, and commercial banks as well as African Development Bank (AfDB) among others.
According to Channels Television, Wednesday’s approval was sequel to the consideration of the report of the Senate Committee on Local and Foreign Debts, as presented by the Chairman of the Committee, Senator Clifford Ordia.
Presenting the report, Ordia said that the projects which funds are requested for in the 2018-2020 borrowing plan were ongoing.
The lawmaker noted that the said projects will stimulate a “rebirth of commercial and engineering activities and the consequent tax revenues payable to Government as a result of these productive activities will increase.”