Upper Chamber On Local And Foreign Debts News Today : Breaking News, Live Updates & Top Stories | Vimarsana

April 21, 2021
By Ignatius Okorocha
The Senate on Wednesday at plenary gave approval to the federal government for external borrowing to finance federal and state governments priority projects in the revised 2020 budgets.
The approval was contained in the report of the committee of the Upper Chamber on Local And Foreign Debts is part of measures aimed at addressing the impact of the Covid-19 Pandemic and to improve on the country’s food security.
The President, Muhammadu Buhari, in a letter dated 19 May, 2020, asked the Senate to approve for borrowing, the sum of Five Billion, Five Hundred and Thirteen Million Dollars ($5, 513, 000, 000).
The funds according to the letter read by the Senate President, Ahmad Lawan, is meant to “finance priority projects of the government and projects to support state governments.” ....

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