Senate approves Buhari’s $22.7bn loan request

Senate approves Buhari’s $22.7bn loan request


The Senate, on Thursday, gave their nod to the $22.7bn loan request of the President Muhammadu Buhari, after a heated debate that ended up in a closed session.

The legislators after the closed-door session, which spanned over 45 minutes, okayed the two-item recommendation of the Committee on Local and Foreign Loans, chaired by Senator Clifford Ordia.

Senate President, Ahmad Lawan, gave assurance that the loan would be spent on projects that would impact on the lives of Nigerians.

He 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 is expected to be generated from the Islamic Development Bank, African Development Bank, the World Bank and banks from China, Japan and Germany.

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