The senate has approved President Muhammadu Buhari’s $22.7 billion loan request — years after it was rejected by the previous assembly.
At its plenary session on Thursday, the upper legislative chamber approved the 2016-2018 external borrowing plan which the president said would be used for critical projects across the country.
TheCable understands Nigeria’s public debt profile stands at N26.215 trillion as of September 2019.
According to a document accompanying the president’s request, the fresh loan is for about 35 projects, many of which are infrastructural.
The document which was obtained by TheCable, also shows a part of the money will be used for new projects while others will go into already existing projects.