Despite been rejected by the 8th Senate led by its embattled president, Dr.Bukola Saraki, the 9th Senate on Thursday approved the $22.7bn loan request of the President Muhammadu Buhari.
The approval was granted after a heated debate that ended up in closed session.
Bittertruth Media gathered that the loan will be used to finance projects cutting across education, health/water, environment, infrastructure, governance, agriculture, communication, economy, power, and social investment and it will be implemented nationwide.
The foreign loans are been requested from: Exim Bank of China ($17bn)
World Bank ($2.95bn)
Africa Development Bank ($1.88bn)
Islamic Development Bank ($110m)
Japan International Cooperation Agency ($200m).
German Development Bank ($20m)
French Development Agency ($480m