Senate approves Buhari’s $22.7bn foreign loan request

The Nigeria Senate has approved the $22.7bn loan request of the President Muhammadu Buhari.

The approval came after a heated debate which led to a closed-door session, which lasted about 45 minutes in the senate chambers on Thursday (5-03-2020).

The lawmakers approved the two-item recommendation of the Committee on Local and Foreign Loans, chaired by Senator Clifford Ordia.

The senators had to resolve the issues that had generated tension during the initial deliberation on the document at the closed session.

The President of the Senate, Ahmad Lawan, pledged that the loan would be spent on projects that would have an impact on the lives of Nigerians.

He also challenged the various committees of the red chamber to ensure strict oversight so that every dollar in the loan would be accounted for.

The bulk of the loan would come from the Islamic Development Bank, African Development Bank, the World Bank and banks from China, Japan and Germany.

Source: The Punch