News Express banner Camano banner
Senate approves Buhari’s request for $5.5bn foreign loans

By News Express on 14/11/2017

Views: 763

•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

 

 

CLASSIFIED ADS

 

You may also like...
7 die in Lagos boat accident

UBA wins big at the annual BusinessDay Banking...

PTAD plans automated computation of pension benefits

Nigeria to raise $4bn in treasury bills in...

Painting of Jesus to be sold for $100m...

FOI request to Tukur Buratai for details of...

700m people unable to meet basic daily needs:...

7 Nigeria Airways pensioners die in 1 week...

Zuma sacks South Africa’s finance minister

Ghana throws doors open to U.S. troops

Senate summons Works Minister over Bailey bridges

EFCC docks impostor

 

Latest News PDP chieftain collapses in church, dies Saraki battles Tinubu •Declares him ‘careless, irresponsible and callous’ 10 killed after Civil Defence Officer purposely rams into Boys’ Brigade procession in Gombe Man reports theft of his child, ends up as suspect Billionaire loses three children in Sri Lanka blasts Gunmen attack Katsina village, kill 10 Revenue collection on highways illegal — Ministry Troops kill 6 bandits, nab village head, 17 other informants ICPC vows to rid financial institutions of bad eggs Air Force raids killed innocent civilians, Zamfara monarchs insist 14 quack health facilities shut in Cross River Benue Government imposes curfew on Katsina-Ala

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (470,609 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (414,930 views) Shameless Genevieve Nnaji exposes breasts in public (352,421 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (301,784 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (266,077 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (239,068 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (226,047 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (207,581 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (196,666 views) 10 cars more expensive than Jets (189,008 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (179,085 views) Lagos plane crash: Journalist releases victims’ names (178,544 views)

 

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (87) Business & Economy (4,211) Business Verdict (65) Columnists (1,017) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (607) Features (746) Global Business Monitor (344) ICT Monitor (35) International (3,342) Interview (176) Live Commentary (29) Love Matters (155) Maggie's Blog (232) News (45,218) Opinion (1,227) Pidgin (17) Politics (10,631) Religion (982) Sports (1,964) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera