Senate on Wednesday approved the Federal Government’s $6.1 billion (N2.343 trillion) loan request.
Gatekeepers News reports that the Senate approval follows a report presented on the floor of the upper legislative chamber by Chairman of the loan and debts committee, Clifford Ordia.
President Muhammadu Buhari had in May urged the national assembly to approve the loan request, saying it would be raised from multilateral and bilateral tenders as well as the international capital market.
During his presentation on Wednesday, Ordia said the request is not new as it was approved in the borrowing plan when the national assembly passed the 2021 budget.
“What we are about to pass is not a new borrowing, it has been approved in the 2021 budget,” the senator representing Edo central said.
Gatekeepers News reports that the Senate President, Ahmad Lawan after approving the request, stated that the national assembly must make sure that there are no frivolous expenditures by the executive.
“Let me thank the committee, this is not a new loan. This is a borrowing plan we have approved,” Lawan said.
“What we have done is to provide the necessary resolutions for the implementation of it.
“Every cent counts. Our committees must be alive to oversee it. No frivolous expenditures should be entertained.”
