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Senate Approves Katsina’s $110m Loan Request

The senate has approved a $110 million loan request by the Katsina State government.

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The senate went on a 15 minutes closed door session on Friday, to enable it harmonise the approval of a sum of $22 million loan requests for two federal government agencies, and that of Katsina and Kaduna States.

Katsina is seeking $110 million loan from the Islamic Development Bank, an amount 20 to 50 percent could be granted, following the approval by the upper chamber, Katsina Post reports.

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The report by senate committee on local and foreign debts recommended that the chamber should approve the request of the government agencies and that of the two states.

However, it expunged the $100 million loan request from the Kogi State government.

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The lawmakers after series of arguments during the debate, approved the recommendations of the committee.

This followed the presentation of a report by the committee, covering 2016 to 2018 federal government external borrowing plan by Clifford Ordia.

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