House Of Reps Approve Buhari’s $5.5 Billion Foreign Loan Request

The House of Representatives on Wenesday approved the $5.513 billion foreign loan request by President Muhammadu Buhari.

The $5.513 billion foreign loan requested by President Muhammadu Buhari according to Premiumtimes was approved by the Senate last week.

Recall that last month, ₦850 billion loan reequested by the President was approved by both Houses. It was is to be sourced from domestic markets “to fund critical capital projects in the 2020 budget.”

$22.7 billion foreign loan requested in March was also approved by the Senate in March was, last week, approved by the House of Representatives.

The new $5.513 billion foreign loans are the latest of the string of loans eyed by the federal government.

Nigeria’s debt profile, as of September 30, 2019, was ₦26.2 trillion. Of this amount, total domestic debts is about ₦18 trillion, or 68.45 per cent. About ₦8 trillion are owed to foreign lenders.

Written by Izuchukwu E.N

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