Economy
Senate approves Buhari’s $22.7bn loan request
The Nigerian Senate has approved $22.7bn loan request by President Muhammadu Buhari after a heated debate that ended up in an executive session on Thursday.
In a unanimous decision following a closed door session, the Senators approved the two item recommendation of the Committee on Local and Foreign Loans, chaired by Senator Clifford Ordia.
The senators also resolved the issues that generated tension during the initial deliberation of the document.
President of the Senate, Dr. Ahmad Lawan, in his closing remarks, pledged that “the loan would be spent on projects that would have impact on the lives of Nigerians”.
He also challenged the various committees of the senate to ensure strict oversight so that every dollar in the loan would be accounted for.
Voice of Nigeria recalled that the bulk of the loan would come from Islamic Development Bank, African Development Bank, the World Bank and banks from China, Japan and Germany.
Senator Ifeanyi Ubah lamented the poor infrastructure of the south east zone in line with the external borrowing plan of the Federal Government.
“There is the need for improved infrastructure especially the second Niger bridge and railway lines along south eastern corridors, as Senate approves the external borrowing plan.” he said.
