The Senate has approved the $ 2.6 billion sum of the $ 5.5 billion this Wednesday regarding the external borrowing application sent to the National Assembly by President Muhummadu Buhari last May. In fact, the approval came right after the Upper Chamber examined a report given by the Committee on Local and Foreign Debt in plenary. There is several other news available on the website and if you want to check out all the latest trending news in Nigeria Today, then you need to check this website.

Furthermore, the approved amount as per the local, as well as the foreign debt committee chair Clifford Ordia, has set aside € 995 million to fund priority federal government projects, while $ 1.5 billion would be paid out to thirty-six governments to fund critical projects.

Then again, he has stated that the entire loan will be drawn from the International Monetary Fund and Import Bank of Brazil and African Export, World Bank, African Development Bank, and Import Bank. Moreover, the chairman of this Senate Committee on the Local, as well as the Foreign Debt ahs, released that the breakdown of the approved National Assembly’s application as well as then have announced that the € 995 million (euros) would be used to fund priority projects for Combat The Impact Of The COVID-19 Pandemic And Improve Food Security In Nigeria By Mechanizing Agriculture And Processing Of Agricultural Products In Nigeria.

Again, he has explained the fact that a total of six domestic assembly plants had been identified and one in each geopolitical zone and this would be rehabilitated so as to assemble completely derelict agricultural machinery as well as equipment for the CKD mechanization and then imported that from Brazil.

He added: “The committee noted that the federal objective of the restructuring is to help states introduce measures to further mitigate tax shocks by introducing COVID-19 responsive payout indicators at the state level to complement fiscal measures.” correspond at the federal level. “ "The committee notes that due to the above restructuring, additional funding of $ 750 million is required for Nigeria’s COVID-19 response,” Ordia said. Lawmakers said an additional $ 750 million would be used to fund the COVID-19 recovery and stimulus program to support state governments’ efforts to protect livelihoods, ensure food security and stimulate economic activity.

Then again according to him, the committee on Local as well as the Foreign Debt and then noted that in October 2020. And after that, there was an ongoing economic disruption that is actually caused due to the pandemic and then gave the need to consolidate and then again maintain the profit of the program and have increased the budgetary capacity of states and respond to the Covid-19 crisis.

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SOURCE CREDIT: https://nigeriastacknews.tumblr.com/post/649251107306160128/ifes-ooni-rejects-adamu-garbas-traditional-title