Fidelity bank banner Bayelsa State 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: 560

•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...
Nigeria urges stronger efforts at blocking sources of...

Imo Govt. inaugurates joint taskforce committee on uncompleted...

BREAKING NEWS: Fire wreaks havoc in Kirikiri

GTB, Zenith Bank rain N110 billion on shareholders...

Declare State of Emergency in Imo, PDP tells...

It will be a day of clouds and...

Alamieyeseigh’s death is God’s will, says President Buhari...

PDP’s many sins, by APC •Lambasts dethroned party...

FG moves to set up ICT University

Oriental Online Network demands end to military operation...

Obi of Onitsha curses Ngige, APC

Ogoni community applauds sack of MOSOP President from...

 

Latest News Nigerian rights group proposes agenda for permanent peace in the Middle East •Details of its “two-lands-in-one-state” solution Rescue team vows to find body of missing Army General 2019: Lagos APC ward chairmen endorse Sanwo-Olu No peace as long as any section of Nigeria is being treated as second class citizens — Turaki Widow bites 8-year old house help, lands in police net Why Gov. Yari cannot anoint a successor, By Ahmed A. Ahmed APC shifts presidential primary Ghana to deport 72 Nigerian ladies Day Delta Central stood still for Okowa, PDP LG Chairman escapes kidnap as bandits abduct 7 in Zamfara Osun election: APC blasts PDP for claiming victory 2019: Bauchi Govt. dismisses Pate’s claims, defends State APC’s adoption of Gov. MA Abubakar, President Buhari

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (396,761 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (376,862 views) Shameless Genevieve Nnaji exposes breasts in public (308,664 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (250,718 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (232,420 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,719 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (200,174 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (181,739 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (165,822 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,415 views) Lagos plane crash: Journalist releases victims’ names (158,215 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (146,950 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (63) Business & Economy (3,626) Business Verdict (52) Columnists (933) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (547) Features (653) Global Business Monitor (301) International (2,432) Interview (165) Live Commentary (28) Love Matters (144) News (39,097) Opinion (1,110) Pidgin (11) Politics (6,726) Religion (872) Sports (1,703) Stock Watch (34) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Anthony Joshua vs Alexander Povetkin: Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement