The Senate on Thursday approved the President, Major General Muhammadu Buhari’s (retd) request for ongoing external loans to the tune of $8,325,526,537 and €490,000,000 under the 2018-2020 External Borrowing (Rolling) Plan.

The approval followed the consideration of a report on the 2018-2020 External Borrowing (Rolling) Plan by the Committee on Local and Foreign Debt.

The Chairman of the Committee, Senator Clifford Ordia, in his presentation, said the committee noted with utmost importance, the genuine and very serious concerns of Nigerians about the level and sustainability/serviceability of the country’s borrowings in the last decade.

According to the lawmaker: “Our (Nigeria’s) debt service figures constitute a huge drain on our revenue to the extent that it accounts for over 30 per cent of our expenditure in the annual budget.”

Ordia explained that due to the shortfall in the country’s annual revenues in relation to the need for rapid infrastructural and human capital development: “we have had to pass deficit budget every year, requiring us to borrow to finance the deficit in our budget”.

He noted that out of the total borrowing request of $36,837,281,256 contained in the re-forwarded request of Mr President, $26,154,536,533 is for funds proposed to be borrowed from various financial institutions from the Peoples Republic of China.

He stressed that the proposed projects in the Ministries of Transportation, FCT, Aviation, Works and Housing, Agriculture, Water Resources and some commissions were mostly ongoing projects and programmes in respect of which External Borrowed funds had been spent in the past, including loans.

“These projects have a great multiplier effect on stimulating economic growth through infrastructure development, job creation and poverty alleviation, stimulation of commercial and engineering activities, and the consequent tax revenues payable to government as a result of these productive activities,” Ordia explained.

The funding agencies are: World Bank – $796,000,000; China Exim Bank – $2,901,026,509; Industrial Commercial Bank of China – $2,484,555,304; African Development Bank – $104,200,000; Africa Growing Together Fund – $20,000,000.

Others are: “French Development Agency -€240,000,000; European Investment Bank – €250,000,000; European ECA/KfW/IPEX/AFC – $1,959,744,724; and International Fund For Agricultural Development (IFAD) – $60,000,000.”

Source: https://punchng.com/Senate-approves-Buharis-request-for-$8325m-€490m-external-loans

Because the loans are being used to pay their jumbo salaries and allowances, so they have to approve it, Nigeria is dead, it's break up time.

Czech Republic and Slovakia broke up from Czechoslovakia

Ukraine Russia and the rest broke up from USSR

Serbia, Montenegro broke up from Yugoslavia

Eritrea broke up from Ethiopia

All these secessions happened and the sky still remains blue

Yoruba Nation will secede from Nigeria and day will continue to be bright

I pity nigeria

This country is gone, by the time Buhari is done with this shithole, even his gullible supporters will be atonished. They will prefer to stay in Somalia, honestly how do you expect someone to be patriotic to this kind of country filled with greedy and wicked leaders. The best I can do is Japa asap. This country is not for me.

By the time our darling daddy is done and finished with the country, Zimbabwe and Somalia will be paradise compared to Nigeria. From all of us at the Association of Vulture Grillers we support this loan and I really think Jubrin should run for a third term. Nigerians must have sense by force, #Operation Bankrupt the Nation
Sai Baba
Sai 4+4
Sai 2023-2027

Fools

I think that's not enough

Increase the figures and approve more.

Lawn led Senate is the worst in Nigeria history

E go b

OK!

adenigga:

Source: https://punchng.com/Senate-approves-Buharis-request-for-$8325m-€490m-external-loans

As usual, rubber stamp.

Lawan should also be held responsible for the huge Nigeria debt

Please someone should give us a reasonable reason why we should not separate.

How can we be borrowing without nothing to show for it. Shey they used borrowing to swear for this our government?

When we have a lot of resources and way to make life better for the people the governed but they prefer to borrowed and loot it again.

Rubber stamp at work

K

Despite FG using 70% of its revenue to service debt this morons still went ahead to approve more loan for them.

Your weak economy is about to collapse!

No other president has enjoyed the impunity that this guy has enjoyed....he makes decisions and no one dares to talk or check him yet he is still the worst

We all blame Buhari but come to think of it. If senate didn't approve it, Buhari wouldn't be able to borrow it. In senate, all state are represented. So you see all Nigerian politicians are evil. They don't care about the future of the country. They are concern about their pockets and the hungry corrupt citizens empower them but voting or encouraging them to continue.

In conclusion, Nigeria may not recover from these buhari and Ahmed led administration

Muhammadu borrowHARI
Baba always cashing out twice on a Friday
The reason why they borrow? They answered.
Ordia explained that due to the shortfall in the country’s annual revenues in relation to the need for rapid infrastructural and human capital development

Nigerians has never been hungry like this in recent history. Prices of everything has skyrocketed by 100%. They would always borrow but we still have:
No good roads
No good Hospitals
No electricity and Nothing and Nothing

It's more beneficial if the Chinese buy the country because my own share would be given to me. Then i would decide whether or not to remain in the country.

Iam afraid. But the leaders aren't because they believe there's light at end of the toilet

Ahmed Lawan, the puppet-in-chief of the notorious rubber-stamp Senate, would keep approving every loan request that Buhari presents to them. Nobody cares about reducing the cost of governance. The other day the buffon was shamelessly justifying why Buhari could go on and borrow.

In all this, I pity Buhari's successor because by the time Buhari leaves the office by 2023, he will plunge the country into a catastrophic financial mess. Then, his successor will spend the first term serving debts.

Very soon our creditors will come and be picking up Nigerians to work as slave for them when F.G. can't repay the huge borrowed money. Nigeria is heading towards 21st century slavery with these incessant borrowing. Most of which will be embezzled.

I hope we won't one day borrow to pay our senators/executive salaries

A government that can't look inwards to generate funds will leave debts for its children and grandchildren.

This senate is worse than a rubber stamp senate as people call them. No resistance, no scrutiny, they just approve whatever comes. One day they'll approve the borrowing of feaces from other countries too.

The only legacy Buhari want to bequeath the country is legacy of eternal debts

Who we offend for this country self, God please���, with your mercy grant us Yoruba nation but don't grant Igbo Biafra, let them be slave to there hausa fulani master because they are the first unity beger(nnamdi azikwe)

Bunch of idiots

They approved it because they know that they we be part of people that we loot the money.


You people days are number... Let not say what is in my mind now.

Useless lawmakers

Make dem kukuma just collect receipt na so dem go make official the sale of the country

Babathanks:
Who we offend for this country self, God please���, with your mercy grant us Yoruba nation but don't grant Igbo Biafra, let them be slave to there hausa fulani master because they are the first unity beger(nnamdi azikwe)

Na which kin prayer be this

You well so

adenigga:
The Senate on Thursday approved the President, Major General Muhammadu Buhari’s (retd) request for ongoing external loans to the tune of $8,325,526,537 and €490,000,000 under the 2018-2020 External Borrowing (Rolling) Plan.

OP your title is showing $8 million but the article has $8 Billion.

The rubber stamp National Assembly, doing what it knows best...

Good for us!

This buhari is a tiff. He just came to flex, nothing to offer.
His own kind of Mannequin is so useless.