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Nigerian Senate approves executive request for US$22.7bn loan

Muhammadu Buhari is the President of Nigeria. (Image source: Chatham House/Flickr)

The Nigerian Senate has approved a US$22.7bn external loan requested by President Muhammadu Buhari under the 2016-2108 medium-term external borrowing rolling plan

On 28 November 2019, President Buhari forwarded a request to the Senate to reconsider and approve the federal government’s 2016 to 2018 external borrowing plan to help Nigeria finance the capital component of the budget for 2020, and to execute major infrastructural projects spread across the country.

The funding agencies will be the World Bank, the African Development Bank (AfDB), the Islamic Development Bank, Japan International Cooperation Agency, China Exim Bank and the French Development Agency.

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