The House of Representatives has approved President Bola Tinubu’s request to borrow $516,333,007 in syndicated financing from Deutsche Bank AG.
The approval came during plenary on Tuesday in Abuja after the presentation of a report by the Deputy Chairman of the House Committee on Aids, Loans, and Debts Management, Abdullahi Rasheed.
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The decision clears the way for the Federal Government to access the over $516 million facility, though full details of the loan structure and intended use are yet to be made public.
More details soon…