Senate Approves Buhari’s Huge $22.7bn Loan Request

The Nigeria Senate, on Thursday, approved the $22.7bn loan request of President Muhammadu Buhari.

The lawmakers, after a closed-door session, which lasted about 45 minutes, approved the two-item recommendation of the Committee on Local and Foreign Loans, chaired by Senator Clifford Ordia.

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

The larger part of the loan amount will be acquired from the Islamic Development Bank, the African Development Bank, the World Bank and banks from China, Japan and Germany.

President Muhammadu Buhari, had on November 28 written to the Senate, again requesting for the approval of 2016- 2018 External Borrowing to the tune of $30 billion to be spent by the Federal Government to execute key infrastructure projects across the country.

The letter, which was dated November 26, 2019, was read on the Senate floor by the President of the Senate, Ahmad Lawan during plenary.

Buhari had explained in the letter that it became necessary to represent the request because the Eighth National Assembly approved only a part of the External Borrowing request forwarded to it in September 2016.