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Nigerian Senate Approves $1.14 Billion in Loans, ThisDay Says

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Feb. 24 (Bloomberg) -- Nigeria’s Senate, the upper chamber of parliament, approved plans for the central government and some states to borrow $1.14 billion from foreign development agencies, ThisDay reported.

The loans, which form part of their 2010 budget that was extended to March 31, will be used in part for power and energy projects, the Lagos-based newspaper said, citing Ahmed Makarfi, chairman of the Senate Finance Committee.

The money will come from agencies such as the International Development Association, a unit of the World Bank, the French Development Agency and the Islamic Development Bank, the newspaper said.

To contact the reporter on this story: Paul Okolo in Abuja pokolo@bloomberg.net.

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net.

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