Senate To Approve Buhari’s $30bn Loan Request

The Senate President, Ahmed Lawan, on Monday stated that the senate will approve Buhari’s request to borrow $30 billion abroad.

Lawan gave the assurance while addressing journalists in Abuja.

He, however, said the Senate will ensure the $30 billion loan is utilised for projects it was requested for.

“We are going to be critical that every cent that is borrowed is tied to a project,” Lawan said.

Odunews.com had reported that President Muhammadu Buhari last month requested the approval of the Senate for the Federal Government’s 2016 and 2018 borrowing plan which amounts to $30 billion.

The request was the second time the Nigerian president sought Senate’s approval for the $30 billion loan.

Buhari first sought the approval of the House of Representatives for the borrowing plan in October 2016. It was however turned down by the Bukola Saraki led Senate.

Saraki said further borrowing will plunge the country into more debts.

Lawan, however, said the loan was rejected because it lacked some details.

“In 2016, there were no sufficient details,” Lawan said, “the executive has learnt its lessons.”

Lawan said Buhari had provided necessary details of the loan in the new request.