Senate Approves Fresh $110m Loan For Katsina
The Senate has gone on a 15 minutes closed session to enable it harmonise the approval of the sum of $22,798,446,773 federal government agencies and two states including Kaduna and Katsina states loan request.
Katsina state is seeking for $110 million loan from Islamic Development Bank, an amount 20 to 50 percent could be grant if approved by the Senate.
This is equivalent to N38,500,000,000 at an exchange rate of N350/$.
The committee report recommended that the Senate should allow the Federal Government agencies, Kaduna and Katsina states to get the $22,798,446,773 loan but expunge the $100 million request from Kogi state government.
The lawmakers after series of arguments during the debate, approved the recommendations of the committee.
This followed the presentation of a report of the committee on local and foreign debts 2016-2018 federal government external borrowing (rolling) plan by Sen Clifford Ordia.