At its plenary session on Thursday, the upper legislative chamber approved the 2016-2018 external borrowing plan which the president said would be used for critical projects across the country.
The senate has approved President Muhammadu Buhari’s $22.7 billion loan request — years after it was rejected by the previous assembly.
According to report, Nigeria’s public debt profile stands at N26.215 trillion as of September 2019.
According to a document accompanying the president’s request, the fresh loan is for about 35 projects, many of which are infrastructural.
WHERE WILL THE LOAN COME FROM?
Over 70 percent of the loan will come from the Exim Bank of China, while the others are being sought from the World Bank, Africa Development Bank among others.
Here are the institutions the loan is being requested from:
Exim Bank of China ($17bn)
World Bank ($2.95bn)
Africa Development Bank ($1.88bn)
Islamic Development Bank ($110m)
Japan International Cooperation Agency ($200m).
German Development Bank ($20m)
French Development Agency ($480m)