The Nigerian Senate on Wednesday approved sixteen billion dollars ($16,230,077,718) and a one billion euros loan (€1,020,000,000) requested by President Muhammadu Buhari.
Also approved by the Senate is a grant component of one hundred and twenty-five million ($125 million), to be spread across more than five sectors of the Nigerian economy.
The loans are to be used to finance projects in the agriculture, electricity, digital economy and the industrial sector, among others.
Presenting a report on the floor of the Senate on Wednesday, Chairman Senate Committee on Local and Foreign debts, Senator Clifford Odia confirmed that the projects which funds are requested for are in the 2018-2020 borrowing plan.
The World Bank, African Development Bank and the French Development Agency (AFD) are among some of the funding agencies.
It would be recalled that President Buhari made the request for the loans in an addendum to the 2018-2020 borrowing plan in September this year.
13% Crude Oil Derivation
Meanwhile, a bill seeking to include Bauchi and Lagos states as part of the Niger Delta Development Commission (NDDC) passed the second reading on Wednesday.
Leading the debate, Senator representing Lagos West, Senator Solomon Olamilekan said these states should also enjoy the 13 percent derivation that oil-producing jurisdictions benefit from.
However, Some lawmakers expressed the opinion that bringing other states that are not in the region to be part of the commission would make a mockery of what the NDDC stands for.
PIAK
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