Reps approve Buhari’s $5.5 billion Foreign Loan Request

The House of Representatives on Wednesday approved the $5.513 billion foreign loan request by President Muhammadu Buhari.

The $5.513 billion foreign loan requested by President Muhammadu Buhari according to Premium times was approved by the Senate last week.

The three loans requested by President Buhari so far have been passed by both House.

Recall that last month, ₦850 billion loan requested by the President was approved by both Houses. It was is to be sourced from domestic markets “to fund critical capital projects in the 2020 budget.”

$22.7 billion foreign loan requested in March was also approved by the Senate in March was, last week, approved by the House of Representatives.

The new $5.513 billion foreign loans are the latest of the string of loans eyed by the federal government.

Nigeria’s debt profile, as of September 30, 2019, was ₦26.2 trillion. Of this amount, total domestic debts is about ₦18 trillion, or 68.45 per cent. About ₦8 trillion are owed to foreign lenders.