After initial controversy Senate approves Buhari’s govt $22.7bn foreign loan request

The Nigerian Senate has given its approval for President Muhammadu Buhari-led administration to borrow $22.7 billion external loan.

The lawmakers gave their approval on Thursday, after the initial controversy the request generated, resulting to them going into an emergency closed door session.

The Chairman of the Local and Foreign Loans Committee, Senator Clifford Ordia, had at the plenary of the lawmakers on Thursday, submitted the report without the details of the projects to be funded with the loan.

This generated a controversy at the floor of the Senate as some opposition lawmakers insisted that the details of the projects to be funded with the money be disclosed.

The Senate Minority Leader, Senator Enyinnaya Abaribe, said the details of the projects to be implemented should be revealed and that the lawmakers should critically examine the panel’s recommendations before passing the report.

He said it was necessary the Senate looked into each items of the report and then determine which of the projects would help in growing the country’s economy.

He added, “Once we determine that, we can now approve it because subsequently, it will help us.”

In his response, Senate President Ahmad Lawan disagreed turned down Abaribe’s suggestion and insisted that the report cannot be scrutinised clause by clause because it is not a bill.

Lawan said, “What is here is what is to finance our capital budget and therefore it is important that we are conscious of that fact that we need to have the capital aspects of the budget funded.

“If we notice any lopsidedness, I think it may not just be for this Senate to just impede the progress but it is important that it takes note of areas that are left out and then, in the next phase, we consider them.”

He said Abaribe could decide to vote against all the recommendations or make amend.

“What we want is to vote consciously on the projects and until it is approved, there won’t be implementation of the capital budget.”

After stating this position, the Senate went into a closed door session and during an executive session that lasted for about 20-minute, the Senat approved the loan request.

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Lawan then promised that the lawmakers would follow the projects’ implementation closely.

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