The Senate on Tuesday approved the request of President Muhammadu Buhari to borrow $2.5 billion to finance the 2017 budget and $3.0 Billion to refinance domestic debts.
The approval followed the presentation and consideration of the report by the Senate committee on local and foreign debts presented by its chairman, Senator Shehu Sani.
According Sani, the report is very short but carries heavy weight.
He said the committee recommended for the approval of the loan because it would be used to finance critical projects in all geopolitical zones in the country. “These projects when fully implemented will stimulate the economy of the country”, Sani said.
In his reaction, Deputy Senate President, Ike Ekweremadu, who presided over the plenary, urged the Debt Management Office to ensure that the debt profile of the country is well managed.