By our reporter| The Senate on Wednesday approved the $6.1 billion loan request by President Muhammadu Buhari.
The $6.1 billion loan request was approved following the presentation of a report on the floor of the Senate by Clifford Ordia, chairman of the loan and debts committee.
The president had while asking the national assembly to approve the loan earlier this year,
said the loan will be raised from multilateral and bilateral tenders as well as the international capital market.
Presenting his report 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.
He said, “What we are about to pass is not a new borrowing, it has been approved in the 2021 budget.”
Senate President Ahmad Lawan speaking shortly after the approval, said 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.”
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