Reps approve Buhari’s $22.7bn loan request

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The House of Representatives has approved President Muhammadu Buhari’s request to borrow $22.7 billion dollars.

The green chamber approved the request at Tuesday’s plenary after the lawmakers considered the report by the committee on aids, loans, and debt management.

When Buhari sent the request in 2019, he said the loan will be used to finance key infrastructures in the country.

Buhari first sent the loan request to the previous national assembly under Bukola Saraki but it was rejected.

Meanwhile, the Senate has passed the Medium Term Expenditure Framework and Fiscal Strategy Paper projections, which the revised 2020 budget would be predicated.

This followed the submission of the report of the Senate Committee on Finance, presented by the Chairman, Senator Solomon Adeola, at plenary.

Following this, the red chamber jerked up the oil benchmark from $25 dollars to $28 dollars, and also reduced the daily oil output from 1.9 million to 1.8 million barrels.




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