The Senate Tuesday approved the request of President Muhammadu Buhari to borrow the sum of $5.5 billion. With the $3bn to be used for refinancing domestic debts, local lenders owed by the federal government may now expect to be paid.
"The Mamblilla hydro power project which has always been abandoned when completed will add substantially to the national grids thus improve power output of the country". He added that the $2.5 billion will create more borrowing space for the private sector.
Mambilla Hydropower Project, ii. construction of a second runway at the Nnamdi Azikiwe International Airport Abuja, iii. counterpart funding for rail projects iv. construction of the Bode-Bonny Road, with a bridge across the Opobo Channel.
He further maintained that terms and conditions attached to those bonds were favourable to the integrity of the current administration, particularly as it affect the critical infrastructure, the bond was meant to finance. He was however countered by Senator Gbenga Ashafa who argued that the loans were necessary to facilitate development across the country.
"If we consider the projects that these loans are proposed to cover, you will all agree that they are spread across the geo-political zones of Nigeria".
He said, "This Senate will continue to partner with the Federal Government in matters that concern the ordinary people of Nigeria".
Giving further clarification, Senate leader, Ahmed Lawan noted that part of the bond would be used to offset foreign loans in order to reduce pressure on the nation's foreign reserves.
"For us in the Senate, we have taken our time to look at the necessity and the imperative for approving the loan".
"Times were when the executive could have spent or collected this loan without recourse to the National Assembly".
Groundbreaking for Las Vegas Raiders stadium at 5 pm
And on Saturday, the local Laborers Union spread a massive tarp across the site, painted to look like a Raiders football field. The Raiders have hired Minneapolis-based Mortenson Construction and Henderson's McCarthy Building Cos.as general contractors.
Vodafone rebounds into first-half net profit
In a double dose of cheer, Vodafone also hiked its full-year earnings growth targets from between 4% and 8% to around 10%. The stock of Vodafone Group plc (LON: VOD ) earned "Buy" rating by UBS on Tuesday, October 27.
Xbox One X hits 80,000 United Kingdom sales in first week
Best Buy stores will open at 5 p.m. local time on Thanksgiving Day on November 23 until 1 a.m. of the following day. Marking a big week in Microsoft's career, new data has placed the new Xbox One X console beyond the stratosphere.
Koike to step down as Party of Hope leader
She will likely focus on her role as leader of the nation's capital. "I want to leave national political matters to Diet members". Koike's announcement comes following a dismal performance by the Party of Hope in the general election here on October 22.
Supermarket prices rising at fastest rate in 4 years
Tesco saw sales growth of 2.3 per cent as its market share dipped to 28.0 per cent, down 0.2 percentage points on previous year . Sales at Aldi increased by 13.1 per cent, advancing the retailer's market share to 6.7 per cent.
Defending champions India crash out
Put in to bat, India U-19's No. 7 batsman Salman Khan top-scored with 39, while wicketkeeper-batsman Anuj Rawat scored 34. Bangladesh emerged victorious after they chased down the target of 188 with eight wickets and four overs to spare.