Shell Energy Entrepreneurs banner Yudala banner
Senate approves Buhari’s request for $5.5bn foreign loans

By News Express on 14/11/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 259

•The Senate during plenary
•The Senate during plenary

Nigeria will move ahead with plans to borrow $5.5 billion from foreign investors after the Senate on Tuesday approved President Muhammadu Buhari request for the move.

The money is designed to plug a large gap in Nigeria’s finances that stems in part from the global fall in oil prices.

Nigeria’s economy grew in the second quarter, climbing out of its first recession in 25 years, but the pace of growth was slow suggesting that the recovery remains fragile.

The 7.44 trillion naira ($24.33 billion) 2017 budget projects a shortfall of $7.5 billion, prompting Buhari’s call for foreign loans.

The borrowing would include $2.5 billion in Eurobonds to plug part of the 2017 budget deficit and $3 billion to refinance maturing domestic debt to lower the country’s funding costs.

The government intends to spend money on infrastructure projects to diversify the OPEC member’s oil-dependent economy. Crude oil sales make up about two-thirds of government revenue.

“We’re working to ensure Nigerians get dividends of democracy and return Nigeria to a construction giant,” said Gbenga Ashafa, a senator representing a constituency in commercial capital Lagos, according to the Senate’s official Twitter feed.

Buhari last week presented a 2018 budget of 8.612 trillion naira ($28.16 billion), the country’s biggest ever, to lawmakers. Analysts say implementation of Buhari’s budgets since taking office in 2015 has been lacking, particularly on capital expenditure. (Reuters)

Source News Express

Posted 14/11/2017 7:26:38 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
No entitlement yet for 600 sacked Aero workers...

Ideology of Exponential Growth Devours, Corrupts: Growth as...

House of Reps clears members involved in US...

Amnesty beneficiaries to set up first ever automobile...

Tension as Tompolo’s father dies of injuries allegedly...

Governing councils of federal universities not dissolved —Presidency...

Group identifies reason for renewed Boko Haram attacks...

UNEP Report: Bayelsa lauds Buhari, makes case for...

Okorocha, Obiano fight dirty

Police parades lecturers, others over cultism, other crimes...

Chiwetel Ejiofor, David Oyelowo honoured for service to...

Finally Revealed: THE LAST DAYS OF BOKO HARAM...

 

Latest News 12 killed, 48 wounded in Maiduguri suicide bomb attack 6 killed in fresh Benue attacks American, Canadian kidnapped in Kaduna, 2 police escorts killed Wicked grandma burns 9-year-old granddaughter’s hands for eating brother’s food Fake healer held over fake pregnancies School children donate household items to troops fighting insurgency in North-East Seek justice and reparation for victims of attacks by herdsmen, SERAP tells Buhari UK Prime Minister appoints Minister for Loneliness Bauchi Fertiliser Company set to take over northern market Ohanaeze President General dismisses accident rumour Militancy: Bayelsa professionals seek investigation of Sylva, Lokpobiri Umeh unfolds agenda as Senator for Anambra Central

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (314,587 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (303,733 views) Shameless Genevieve Nnaji exposes breasts in public (243,861 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (200,973 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (189,689 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (178,947 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (155,228 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (139,182 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (135,853 views) Lagos plane crash: Journalist releases victims’ names (124,191 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (121,328 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (118,711 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,850) Business Verdict (32) Columnists (790) Complaints & Requests (94) Enterprise & Opportunities (200) Entertainment (431) Features (541) Global Business Monitor (222) International (1,743) Interviews (139) Live Commentary (28) Love Matters (100) News (31,951) Opinion (864) Pidgin (10) Politics (4,351) Religion (666) Sports (1,405) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Thierry Henry in Lagos Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!