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Senate Approves Fresh External Loans For Federal Government

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The Nigerian Senate on Wednesday, approved the request by the federal government to borrow fresh $1.5billion and another €995million external loans.

The loan requests were approved during the plenary following the consideration of the report by the Senate Committee on Local and Foreign Debts on the external borrowing plan of the Federal Government.

It is understod that the loans will be sourced from the World Bank, Brazil and Germany.

The report was presented by the Chairman of the Committee, Senator Clifford Ordia.

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The loans are part of the external borrowing plan of the Federal Government.

Naija News reports that the committee recommended “that the Senate do approve the external borrowing of the sum of $1,500,000,000 and €995,000,000” from the World Bank, Export-Import Bank of Brazil (BNDES) and Deutsche Bank of Germany.

The lawmakers approved the recommendation after it was put to a voice vote by Senate President Ahmad Lawan.

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Meanwhile, the Kaduna Electric Distribution Company and some other offices in Kaduna State have been sealed off by the state government over N464.5 million tax liability.

Naija News understands that State Internal Revenue Service (KADIRS) closed down the offices on Wednesday, April 21.

The development was made known in a statement released by the Board Secretary and Legal Adviser, KADIRS, Ms Aysha Mohammed.

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Mohamed explained the Governor Nasir El-Rufai’s government took the drastic decision after the companies failed to settle outstanding Pay-As-You-Earn (PAYE) debts and withholding taxes between 2012 and 2018.

She disclosed further that the electricity company has also been deducting PAYE from staff, but not remitting to KADIRS as required by the law.

Mohammed revealed that the offices will remain closed until they settle their payments.