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Nigerian Senate Rejects Buhari's Plan to Borrow $30 Billion Abroad

Nigeria's Senate dealt President Muhammadu Buhari an unexpected blow on Tuesday by rejecting his plan to borrow $30 billion abroad for infrastructure projects and budget support until 2018. The decision makes it more difficult for Buhari to build new roads and invest in outdated power grids with a view to boosting agriculture and other non-oil industries, and reducing the economy's dependence on dwindling crude revenues. Senators threw out the plan, introduced last week,...

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