Ebun Francis || The Senate on Tuesday approved the $5.5 billion loan request from President Muhammadu Buhari to help fund capital projects in the 2017 budget and serving of the country’s domestic debt.
In approving the loan, Ike Ekweremadu the deputy Senate President said the Senate will always work with the executive to improve the welfare of Nigerians.
The upper legislative chamber approved the request after it was presented on the floor by the committee on local and foreign loans.
The chairman of the committee, Shehu Sani told lawmakers that the loan will be essential for the rapid economic development of the country.
He said, “The projects when completed will create job through its chain of downstream economic activities.”
“The construction of the second runway of the Nnamdi Azikiwe international airport will enhance the safety of the air passengers, increase the use of airports by international airlines thus increase the revenue of the government.
“That the rail projects when completed will reduce the use of roads, its attendant congestion and thus minimise the cost of road maintenance.
“The Mamblilla hydropower project which has long been abandoned when completed will add substantially to the national grids thus improve power output of the country. The projects will improve the federal government’s revenue.”
Contributing to the debate, Senate majority leader, Ahmed Lawan said that the loan if properly used will contribute to the growth of the economy.
He said, “The $3 billion, for the general public to understand, is not a loan that will be used today. This is a for payments for loans or debts incurred before and it is cheaper to borrow from outside because of the current exchange rate of the dollar.”
“So we are simply refinancing the payment of the debts. N2.5 billion will definitely, when fully and properly applied will make a huge difference in our economy.”