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BREAKING: Senate approves Buhari’s $6bn loan request

The senate has approved the $6.1 billion loan request by President Muhammadu Buhari.

The $6.1 billion loan request — N2.343 trillion — was approved after chairman of the loan and debts committee, Clifford Ordia presented a report on the floor of the upper legislative chamber on Wednesday.

The president asked the national assembly to approve the loan in May.

Buhari said the loan will be raised from multilateral and bilateral tenders as well as the international capital market.

While presenting his report, Ordia said the request is not new as it was approved in the borrowing plan when the national assembly passed the 2021 budget.

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