• June 14, 2021

Breaking: $1.5bn, €995m External Loans For FG, States Approved By Senate


(AGENDAWATCHDOG) – The Senate has approved the sums of $1.5billion and €995million external loans for the Federal and State Governments, consequent to the report of its Committee on Local and Foreign Debts on the external borrowing plan of the Federal Government.

Briefing members of the red chamber, the Chairman of the Committee, Clifford Ordia, disclosed that the panel had considered the loan request and was recommending its approval.

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While the €995m loan is meant for agricultural mechanisation across the 774 LGAs, 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 International Monetary Fund (IMF), World Bank, African Development Bank Group (AFDB), and Export/Import Bank of Brazil will facilitate the loan.


Agenda Watchdog

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