Senate approves FG’s $5.51bn external loan request – Daily Trust

Senate approves FG’s $5.51bn external loan request

6/3/2020 9:17:00 AM

Senate approves FG’s $5.51bn external loan request

The Senate has approved the $5.513bn external loan request by President Muhammadu Buhari.

Buhari had, in his letter to the Senate president and the speaker of the House of Representatives last week, said $3.4bn would be sourced from the International Monetary Fund; $1.5bn from the World Bank; $500m from the African Development Bank and $113m from the Islamic Development Bank.

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The Senate approved the loan after consideration of the report of its Committee on Local and Foreign Debt.ADVERTISEMENTDear valued readers, subscribe to the Daily Trust e-paper to continue enjoying our diet of authoritative news. Kindly subscribe here

​It asked the executive to forward the terms and conditions of the loans from each lender as contained in a duly executed loan agreement for proper documentation.The Senate, however, stepped down Buhari’s loan request to finance priority projects and those to support the state government.

Meanwhile, the House of Representatives on Tuesday approved the $22.7bn loan request which it rejected last year.Buhari had, last year, said the loan would be used to finance key infrastructure, but federal legislators from the southeast had kicked against the request, alleging exclusion of their zone in the loan’s implementation plan.

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This majority and minority shit killing nigeria What a joke of a country.. We need restructuring Copy and paste senate. Bus leaving for congo by tomorrow. Dm me May God punish them Let this people sell us and use the money for their private use instead of collecting these loans Loan day by day. Haba😏 Una wan sell this country?!

This one just they approve loan anyhow, buy the time you'll borrow all our forth generation benefits finish. We shall see E no go better for una ooo 22.7bn USD loan approved. Then 5.5bn USD approved. That adds up to 28.2bn USD! Compare this to our foreign reserves. Then add the national debt stock before these approvals... But the real question is; what are these loans for, if the last 5yrs have only aggravated poverty?

Rubber stamp! Allah yasa da rabona a ciki nima One day u guys will approves to loan this country out!! How many loan request has been approves for the past 5yrs now and how do u guys intend to pay all this loan? The nation is gone ....... Again! What for? I wonder this kind of administration full of borrow borrow of funds,and they won't use the money for something reasonable just to start giving us audio infrastructures, audio road building, audio this audio that..cant we just be better for once

Running Nigeria is like running a business. Many businesses survives at the mercy of loans. Taking loan is never a bad idea but it becomes absurd when it is not expended on ventures that will ease the repayment. Let our leaders be considerate Rubber stamp I think this 9th Senate is the worst thing that happened to Nigeria in History. Approving everything with no guts to dispute any.

Sick government who only borrowed money to pay salaries and nothing more Wetin Nigerians no go see for the hands of this rubber stamp senate RobberStamping Follow me and I will follow you back we both gain followers ... Useless clown. Senator Lawal is the worst Senate President in the history of Nigeria.

You guys are only good in approving loan. 😏😏😏 Hmm Set awon idiot lawmakers. One day, we’ll have to make a stand! One day, we’ll have to say enough and fight you all before you destroy this country! One day China or America will just enter Nigeria and pack everyone and turn Nigeria into slave trade They have sold this country

Rubber stamp. Clueless bastards. Why loan loan mtssw Allah ya kyauta This is madness, these guys wanna sell this country into slavery. Don't complain you people voted him in Nothing concerned me cuz the time for payment sev I won't know or will I have to contribute anything? No they will still pay it so non of my business if all the contribution that people made and Abacha refund is not enough for them then let them go and borrow What non sense 😏😞

NigeriaGov borrow borrow! Still the majority citizens live in abject poverty; No jobs, no palliatives, no electricity, no hospitals, bad roads, poor teaching in public schools, ASUU strike, no security of precious life Very few officials get JUMBO PAY while the rest takes meagre Naija with borrow borrow! Still the majority citizens live in abject poverty; No jobs, no palliatives, no electricity, no hospitals, bad roads, poor teaching in public schools, ASUU strike, no security of precious life. Very few officials get JUMBO PAY while the rest takes meagre

We are done an dusted with this country, please to avoid further embarrassment less just sell the country right away to China The rubber stamp senate, shouldn’t be surprise! Thank God 🙏🙏 no one will inherit the money 💰 to his/her grave yard.. You guys are worse than the late Gen. Abacha in disguise🤦‍♂️🤦‍♂️

They will always approved so long their share is given to them. But remember there's dooms day ahead for generation to come. sixfo_grp Its DJ Khaled, Another one ☝🏽 It's well, what kind of borrowing is these I wander the kind of adminstration full of borrow founds as a priority. after all the donations by generous people and also the Abacha found which was given to you guys by the US government still go ahead by given approval for foreign loan that will never be accouted fore.

Foolish clowns ruling us! I just pity Nigerians and the next administration Bunch of clueless fools, all they do better is to get loan upndown and in the end they wll loot away all the funds. these men have no shame at all. no meaningful improvement in these country for so long with all the recovered loots. yet they keep getting loans n looting it away.

They would very soon sale us this loan of a thing let him collect the loan last last na dem dem go pack am go😒😒 Immediately after the federal government released 27 billion naira to the National Assembly for 'Renovation' A coincidence? Ado ok! U fall for me I roll for you You approved $22.7b, you approved $5.5b... This clearly shows that the president and national members co rigged the last elections. ResignNow MBuhari nassnigeria NigeriaGov

Approving loans is all the do without performing the oversight function expected of them on the proper utilization of the borrowed fund This level of kwaruption is alarming, figure head senated Sinzu Don cashout big 😂😂...this one Na confirm trading.. Abi Na bitcoin mining 🙄🙄 God is watching Upon all the contributions they collected for corona...

'Robber' stamp Senate 😃😃 Sinzu I see you One day we believe Nigeria will stand on her fit as Nation.

BREAKING: Senate approves Buhari’s $5.513bn external loan requestThe senate on Tuesday approved President Muhammadu Buhari’s $5.513 billion external loan request to finance the revised 2020 budget... Sultaanaliyu I tell u sharp sharp him go approve am That's what rubber stamps do! This fuelless generator is a new source of power that is completely safe, free and efficient, the durability and design is Top notch. This generator, unlike every other generator doesn't have an engine which consumes fuel/gas and makes noise. You can contact us on (07032949264)

Senate Slams NNPC over High Cost of Crude Oil Production - THISDAYLIVEBy Deji Elumoye The Senate on Monday descended heavily on the Nigerian National Petroleum Corporation (NNPC) over the astronomical cost of production of the nation’s crude oil which peaked at $21.2 per barrel. It therefore kicked against the $3 marginal profit being made on a barrel by the corporation and called on the federal government … They are not all dumb after all, hopefully they are 'beginning to wake up'.

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We’re not behind fraud in NDDC – SenateThe Senate has dismissed as “baseless” and “unsubstantiated”, the allegations that the National Assembly was behind the fraud in the Niger Delta Development Commission. The Senate’s spokesman, Ajib… Nice one, plx do something 4this NCDC talking sh*t all the time. Mrn, let follow each other, follow me I will follow u back immediately. Then who is?

Senate fumes over high cost of oil production in NigeriaSenators on Monday kicked against the revelation by the management of the Nigeria National Petroleum Corporation ( NNPC), that the corporation makes a marginal $3 profit per barrel in oil production. They called on the federal government to get the nation's economy diversified as quickly as possible to avoid a total meltdown of the country. What difference does their fuming make? You are all Mad People. You draw raw oil from here, you give it out to outsiders, they refine it and get a whole lot of other products out of it. Then they sell back the carcass to you. Whereas, you can fix our refineries here and save both cost and production. bunchofhypocrites I don't even know the essence of having two chamber in Nigeria. The house of rep should be cancel and the number of senator should be reduce. This people are just collecting billions without any useful. All there salaries is enough to finance a state budget.

FCC: Abaribe Kicks as Senate Confirms Buhari's Nominees - THISDAYLIVEBy Deji Elumoye The Senate Minority Leader, Senator Enyinnaya Abaribe, on Tuesday kicked against the lopsided nominations into the board of the Federal Character Commission (FCC). This is just as the Senate confirmed the nomination of 37 out of 38 nominees forwarded to it by President Muhammadu Buhari as Chairman and members of the Commission. … You see more lopsided appointment...? Abaribe will be kicking until he kicks 6 inches nails one day. The other pdp men from other zones will be using them as their shield but when time to chop comes no body will remember S/E. Demonic representatives fighting for party not their people, anu-ofias