Senate Speaker gives committee one week to review Buhari’s loan application – Nairametrics
Senate Speaker Ahmad Lawan returned President Muhammadu Buhari’s request for Senate approval to borrow $ 4.054 billion, â¬ 710 million and $ 125 million in external loans to the Senate Debt Committee foreign and local for further legislative action.
Lawan, in Tuesday’s plenary session, asked the committee headed by Sen. Clifford Ordia to work on the chair’s request and report to the Senate by Tuesday next week, according to ThisDay.
The action comes at a time when many critics have expressed concern over the country’s growing national debt, estimated at more than 33 trillion naira.
The Senate Speaker’s action follows a motion to this effect that was proposed by the Senate Leader, Senator Yahaya Abdullahi, and seconded by the Minority Leader, Senator Enyinnaya Abaribe.
The president’s loan requests were the second time in 2021 that President Buhari would seek approval from the upper legislative chamber for an external loan to fund critical projects across the country.
What you should know
Recall that the upper legislative chamber resumed its annual 2-month vacation last week received a formal request from President Buhari to examine and approve an external loan to finance projects included in the 2018 borrowing plan- 2021.
The president explained in the letter that the projects listed in the federal government’s 2018-2021 borrowing plan are to be financed by sovereign loans from the World Bank, the French Development Agency, the China-Exim Bank. , the International Fund for Agricultural Development, Credit Suisse Group. and Standard Chatered / China Export and Credit for a total amount of $ 4,054,476,863.00; â¬ 710,000,000.00 and grant component of $ 125,000,000.00.
He explained that the amount would be used to fund federal and state projects covering key sectors such as infrastructure, health, agriculture and food security, energy, education and human capital development and COVID-19 response efforts.
Buhari’s recent loan request comes barely 2 months after the National Assembly approved its previous loan request of $ 8.3 billion and â¬ 490 million in loans contained in the original borrowing plan 2018-2020.