Buhari seeks Senate’s approval for $6bn foreign loan

Muhammadu Buhari and Bukola Saraki

President Muhammadu Buhari has requested the approval of the National Assembly for the federal government to borrow $6.9 billion from the international community to execute infrastructural projects.

Senate President, Bukola Saraki and the House of Representatives speaker, Yakubu Dogara, read the request for the multi-billion dollar loan during the plenary.

$5.8 billion out of the loan, according to Saraki, will be sourced from the Chinese Eximbank for the rail modernization projects.

The rail projects include the standard gauge Lagos to Kano, Lagos to Calabar and Kano to Kaduna.

The balance of $1.1 billion will come from the World Bank for the execution of social security programme in the North East region.

The social security project include polio immunization and infrastructure.

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