Buhari seeks Senate’s approval to borrow $6.926bn from China

Posted by Mayowa Okekale, Abuja | 26 April 2017 | 1,814 times

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•President Buhari.

President Muhammadu Buhari has written the National Assembly, seeking approval t‎o access the $6.926 billion China EXIM Bank loan to modernise railway projects across the country‎, reconstruct and rehabilitate of the Northeast and provide for the most vulnerable population.

‎This request is for the 2016-2018 external borrowing rolling plan‎.

President Buhari, according to details of the letter read on the floor of the Senate by Senate president Bukola Saraki, said the Chinese have approved the sum of 1.231 Billion Dollars loan for the modernisation of the Lagos-Kano Rail project.

The request was sent via a letter the President sent to President of the Senate Bukola Saraki and Speaker of the House of Representatives Yakubu Dogara which was read at plenary in both Chamber.‎

‎Saraki also read a letter for Confirmation of appointment of non executive directors of the Central bank of Nigeria.‎

‎Another letter seeking confirmation of appointment of non-career Ambassadorial nominees was also read out on the floor of the Senate. ‎

In another development, the Senate held‎ a Valedictory Session in honour of late Senator Isiaka Adetunji Adeleke representing Osun West Senatorial district who on Sunday died.

Source: News Express

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