Fidelity bank banner UBA 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 Share on Google+

Views: 582

•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 Share on Google+


 

CLASSIFIED ADS

 

You may also like...
2019: Niger APC endorses President Buhari, Governor Sani...

BIM-MASSOB set to celebrate Ojukwu’s 5th memorial anniversary...

Unilever gets tough on influence marketing

We don’t have $3.5 billion subsidy fund —...

How to end conflicts in Nigeria: Bishop Kukah...

APC has failed Nigerians —Okorocha

300 Boko Haram fighters arrested in Cameroon arrests...

Corruption Allegations: PDP tasks Buhari to clear FG,...

DFID’s Justice for All programme: Six years after...

Borno steps up war against desertification

FG set to deploy 300,000 new N-Power beneficiaries...

BREAKING NEWS: Wike loses at the Supreme Court...

 

Latest News Why Buhari may lose 2019 presidential election — APC chieftain Bayelsa, Rivers, Akwa Ibom win landmark case against oil majors •Verdict a victory for Niger Delta, Nigeria — Dickson Politicians stockpiling arms in Benue — Police Commissioner Peter Obi a gift from Ndi-Igbo to Nigeria; South-East governors not against his selection as Atiku’s running mate — Ikpeazu CHRSJ petitions security agencies over foreign ports workers mismanagement of N3b monthly subvention, maltreatment of Nigerian workers DTSG puts smiles on pensioners’ faces •Approves work on 5 roads, appointment of 3 traditional rulers 2019 Presidential Election: Atiku assures Turaki of collaboration Woman kills herself, 2 kids after husband fakes his death Ijaw youths demand sack of NDDC Chairman, MD 2019: Only eight parties have submitted candidates’ lists, 24 hours to deadline — INEC US pledges more support for EFCC PSC approves promotion of 3 AIGs to DIGs, 4 CPs to AIGs

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (407,242 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (382,653 views) Shameless Genevieve Nnaji exposes breasts in public (315,013 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (257,371 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (237,607 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (224,416 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (204,229 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (185,707 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (170,350 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (165,970 views) Lagos plane crash: Journalist releases victims’ names (161,605 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (149,382 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (67) Business & Economy (3,685) Business Verdict (52) Columnists (947) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (559) Features (659) Global Business Monitor (304) International (2,541) Interview (165) Live Commentary (28) Love Matters (145) News (39,710) Opinion (1,124) Pidgin (13) Politics (7,273) Religion (881) Sports (1,732) Stock Watch (35) AMA & Al Jazeera Global Update

 

NLNG Prize for Literature 2018

Zenith Zero Balance

CBN banner

Firstmobile banner

 

 

 

NEWS EXPRESS TV

LIBYA vs NIGERIA 2-3 Goals Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement