Senate approves $1.5billion and €995million external loan for the FG

The Senate on Tuesday, April 21, approved $1.5billion and Euro 995million external loans for the Federal Government.

According to reports, this followed consideration of the report of its Committee on Local and Foreign Debts on the external borrowing plan of the Federal Government at plenary.

The €995m loan is meant for agricultural mechanisation across the 774 LGAs while the $1.5billion loan will be used to fund critical infrastructure in the aftermath of the COVID-19 pandemic across the 36 states and the federal capital territory.

The loan is to be facilitated by the International Monetary Fund (IMF), World Bank, African Development Bank Group (AFDB), and Export/Import Bank of Brazil.