Nigerian President, Muhammadu Buhari set to loan $22.7B as his request has been approved
Nigerian President Muhammadu Buhari has been given the green light to loan a whopping $22.7B. Major General Muhammadu Buhari’s $22.7B loan request was approved by the President of the Senate, Ahmad Ibrahim Lawan Sunday Aborisade on Thursday. According to him, the spending will cut across the entire Nigeria and touch on matters concerning national interest….
Nigerian President Muhammadu Buhari has been given the green light to loan a whopping $22.7B.
Major General Muhammadu Buhari’s $22.7B loan request was approved by the President of the Senate, Ahmad Ibrahim Lawan Sunday Aborisade on Thursday.
According to him, the spending will cut across the entire Nigeria and touch on matters concerning national interest.
A break down of the Banks that will aid Buhari to acquire the outrageous loan was provided below:
- World Bank ($2,854,000,000)
- African Development Bank ($1,888,950,000)
- Islamic Development Bank ($110,000,000)
- Japan International Cooperation Agency ( $200,000,000 )
- German Development Bank ($200,000,000)
- China-Exim Bank ( $17,065,496,773)
- and the French Development Agency ($480,000,000)
Some projects to be funded with the loans include the Nigeria Electricity Transmission and Access Project and Social Inclusion and Welfare Advancement project, renamed National Social Safety Net Project.
Also, it included the Economic Reforms and Governance Project among other initiatives.
The approval wasn’t an easy one for him as many Nigerians were of the view that he is auctioning their country.
