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BREAKING: Senate approves $1.5bn, €995m external loan for FG

The sum of $1.5 billion and Euro 995 million external loans have been approved on Tuesday by the Senate for the Federal Government.

The approval was granted by the senate following the consideration of the report of of its Committee on Local and Foreign Debts on the external borrowing plan of the Federal Government at plenary.

Chairman of the Committee, Senator Clifford Ordia, presented the report.

WITHIN NIGERIA had earlier reported that the Honorable Minister of Transportation, Rotimi Amaechi has stated that the “selfishness” of some lawmakers which resulted in a probe and generated publicity on the details of a 2018 Chinese loan agreement has negatively affected the country.

Recall that a house of representatives panel in July 2020 had raised the alarm over clauses conceding Nigeria’s sovereignty to China in a loan agreement.

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