Breaking: Senate Approves $1.5bn, €995m External Loan for FG

- The Nigerian federal government will have more money to spend soon following the approval of fresh external loans for the country

- Many Nigerians however are not happy with the latest development

- Expressing concern, some noted that the future generation was in big trouble

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In a move that will cause an uproar among Nigerians, the federal government can now borrow more money from external sources.

This comes as the Nigerian Senate on Wednesday, April 21, approved $1.5 billion and €995 million external loans for the government, The Nation reports.

The loan was approved after consideration of the report of its committee on local and foreign debts on the external borrowing plan of the federal government at plenary.

Punch reports that the chairman of the committee, Senator Clifford Ordia, presented the report of his panel.

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Meanwhile, Nigerians have quickly reacted to the news with many people lamenting the development.

@JazzmanVi wrote on Twitter:

Chai the next president of this country will suffer so much to pay back loans, what is APC and Buhari Government want to turn this country into, please?

@ikmohit added:

"Not even the immediate next president, because some of these loans have a long term repayment but for the future generation only God will help us."

Meanwhile, Legit.ng had reported that the Central Bank of Nigeria (CBN) announced its plan to include sugar and wheat on the list of import items banned from accessing Foreign Exchange (FX).

The apex bank made this known in a brief statement posted on its official social media pages, Facebook and Twitter, and sighted by Legit.ng on Friday, April 16.

According to the apex bank, Nigeria should produce sugar and wheat locally rather than importing them.

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Also, the minister of finance, budget, and national planning, Zainab Ahmed, and Accountant-General of Nigeria, Ahmed Idris, have been summoned by the Senate public accounts committee over the alleged secret withdrawal of N7.5 billion.

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The chairman of the Senate panel, Senator Matthew Urhoghide, said that fund meant for the national automotive design and development council levy account was withdrawn from the CBN in two tranches between 2000 and 2006.

When questioned about the transaction, Jelani Aliyu, the head of the agency, said he was not consulted before it was done.

Source: Legit.ng