The Red chamber of the National Assembly has approved President Muhammadu Buhari $5.5 billion external loan request.
The loan which was requested through a letter sent to the Senate on October 10 has $3 billion external loan and $2.5 billion Eurobond or Diaspora bond in the international market.
It is believed that the bonds would be channelled towards funding the 2017 budget while the loan would be used in refinancing maturing domestic debts.
Based on the Senate’s resolution, the Committee on Local and Foreign Debts on October 19 invited the Minister of Transportation, Rotimi Amaechi, and some other members of the executive to explain the benefits of the loan.
Presenting report of the committee, Shehu Sani, Kaduna-APC, said the projects listed for the loan would stimulate economic development and create direct and indirect jobs for Nigerians.
He added that the $2.5 billion will create more borrowing space for the private sector.
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