The red chamber of Nigeria’s national assembly yesterday approved fresh external loans of $1.5bn and €995million for the Federal Government.
The Senate gave its approval for the foreign loans after considering the report of its committee on local and foreign debts during Wednesday’s plenary session.
The Chairman of the committee Clifford Ordia also explained to the lawmakers that the panel had considered the loan request and was recommending its approval.
The €995million loan is meant for agricultural mechanization across the 774 LGAs while the $1.5billion loan will be used to fund critical infrastructure in the aftermath of the COVID-19 pandemic across the 36 states and the federal capital territory.
Read Also: Nigerians Have Confidence In National Assembly – Lawan
The lawmakers Okayed the loan request despite that Nigeria is struggling under the weight of increasing public debt stock which stood at ₦32.22 trillion as of September 30, 2020.
Moreover, the committee on local and foreign debts had earlier expressed concerns regarding the loans while they were being considered.
During one of its sittings in March, the Ordia-led panel faulted the action plan presented by Mohmmamed Nanono, minister of agriculture and rural development.
The lawmakers had said the minister could not provide enough insight into how the federal government intends to deploy the funds for the agricultural projects.
AFRICA DAILY NEWS, NEW YORK
