Senate Approves Fresh $1.5bn, €995m Loans For Federal Government

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The senate has approved fresh external loans of $1.5bn and €995m for the federal government.

The red chamber okayed the loans after considering the report of its committee on local and foreign debts during today’s plenary session.

Clifford Ordia, chairman of the committee, told the lawmakers that the panel had considered the loan request and was recommending its approval.

The €995m loan is meant for agricultural mechanisation across the 774 LGAs while the $1.5bn 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.



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