Buhari Seeks Senate’s Approval For $6.9Billion Loan For Railway, North East Dev.


By Nuel Suji – President Muhammadu Buhari has requested the approval of the Senate to borrow a total of $6.9 billion from China and World Bank.

Mr. Buhari’s request was contained in a letter read at Wednesday plenary by President of the Senate, Bukola Saraki.

The President said in the letter $5.8 billion would be borrowed from the Chinese EXIM Bank to fund the repair of railway transportation across the country.

The letter also explained that $1.1 billion will be borrowed from the World Bank for the rehabilitation of the North-East zone and other social security programmes.


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