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Breaking: Senate approves Buhari’s $5.5bn foreign loan request

The Senate has approved the request by President Muhammadu Buhari for the Federal Government to borrow $5.5 billion.
The approval, on Tuesday during plenary, followed the adoption of a report by the Senate Committee on Local and Foreign Debts.
Buhari had made the request in a letter dated October 4, 2017.
The $5.5 billion is to be used for refinancing of maturing domestic debt obligations of $3 billion, while $2.5 billion is for the financing of the 2017 Appropriation Act.