The Nigerian Senate has given its committee on Foreign and Local debt 14 days within which to process President Muhammadu Buhari’s request for a fresh ₦2.343 trillion ($6.183 billion) for approval.
Senate President Ahmad Lawan gave the directive at the commencement of Tuesday’s plenary session shortly after the Senate Majority leader, Yahaya Abdullahi, drew the attention of the Senate to the pending request.
The Senator Clifford Ordia-led committee on Foreign and Local debt had approved a total of $28 billion so far.
The current request will take the total loan approved to $35.683 billion.
Buhari had urged the Senate to approve N2.3trn ($6.183bn) external borrowing.
Buhari said the loan was to finance the 2021 budget deficit of N5.6trillion.
The President indicated that the loan would enable the federal government to fund critical infrastructural projects in health, education, etc.
The Senate had barely a month ago approved the sum of $1.5bn and €995 million external borrowings for the federal government.
The loans were part of the $5.5 billion and €995 million external borrowings President Muhammadu Buhari had, in May 2020, asked the Red Chamber to approve to finance various priority projects of the federal government and to support the state governments facing fiscal challenges.
The Lawan 9th Senate had announced in June 2020, that it had within its first year, approved a total of $28 billion as loans to the federal government.
Lawan, in a speech to mark the first anniversary of the Ninth Senate, had said, “In order to support and enable the government to raise the necessary funds for national development, there were requests for approval to borrow, both from the domestic and foreign sources.
“We have approved foreign loans of about $28 billion in the last one year. We had ensured proper scrutiny for the desired projects and programmes of the government, the conditions of the facilities; before approving such borrowing requests” he stressed.
The Lawan Senate began its history of loan approval immediately after it was inaugurated in June 2019.
In 2016, President Buhari forwarded a loan request of over $29 billion to the Saraki-led Senate.
The request was largely rejected as the Senate approved only $6 billion
When President Buhari forwarded the same request to the Lawan-led Senate, it was approved despite outcry by senators from the Southeast who protested the exclusion of the geopolitical zone. (The Guardian)
About the Author
Nice post. I learn something totally new and challenging
on blogs I stumbleupon every day. It’s always useful to read through content from other authors and practice
something from their sites.
I was suggested this blog by my cousin. I am not sure whether this post is written by him as
no one else know such detailed about my difficulty. You’re incredible!
Thanks!
Hello would you mind stating which blog platform you’re working with?
I’m planning to start my own blog soon but I’m having a tough time selecting between BlogEngine/Wordpress/B2evolution and
Drupal. The reason I ask is because your design seems different then most blogs and I’m looking for something completely unique.
P.S My apologies for being off-topic but I had to ask!
I am curious to find out what blog platform you have been utilizing?
I’m having some small security problems with my latest blog and I’d like to find something more
risk-free. Do you have any solutions?
I’ve been surfing online greater than three hours
today, yet I never found any fascinating article like
yours. It’s pretty worth sufficient for me. In my opinion, if all website
owners and bloggers made excellent content material as you
did, the net will be much more helpful than ever before.
Good day! I simply would like to offer you a huge thumbs up for your excellent information you have
right here on this post. I will be coming back to your site for
more soon.
Hey, I think your blog might be having browser compatibility issues.
When I look at your blog in Ie, it looks fine but when opening
in Internet Explorer, it has some overlapping. I just wanted to give
you a quick heads up! Other then that, wonderful blog!
Having read this I believed it was really enlightening.
I appreciate you finding the time and energy to put
this informative article together. I once again find myself personally
spending a significant amount of time both reading and posting comments.
But so what, it was still worthwhile!
600620 932022I real pleased to uncover this website on bing, just what I was looking for : D too saved to bookmarks . 686238
Howdy very nice web site!! Guy .. Excellent ..
Wonderful .. I will bookmark your blog and take the feeds additionally?
I am glad to search out a lot of helpful information here within the publish, we want develop more strategies on this regard,
thank you for sharing. . . . . .
Hey I know this is off topic but I was wondering if you knew
of any widgets I could add to my blog that automatically tweet my newest twitter updates.
I’ve been looking for a plug-in like this for quite
some time and was hoping maybe you would have some experience with something
like this. Please let me know if you run into anything.
I truly enjoy reading your blog and I look forward to your new updates.
We’re a group of volunteers and starting a new scheme in our community.
Your web site provided us with valuable information to work on. You’ve done an impressive
job and our entire community will be thankful to you.
Thank you for sharing your info. I really appreciate your efforts and I am waiting for your next post thank you once again.
You’re so interesting! I do not suppose I’ve read anything like that before.
So nice to find someone with some unique
thoughts on this issue. Seriously.. thanks for starting this up.
This website is one thing that is needed on the web, someone with a little originality!