The Nigerian Senate has approved the $22.7bn loan requested by President Muhammadu Buhari after an emergecy closed door session.
The session which lasted for 45 minutes, approved the two-item recommendation of the Committee on Local and Foreign Loans.
Controversy however started when the Chairman of the Local and Foreign Loans Committee, Senator Clifford Ordia submitted the report to the plenary without the details of the projects to be funded with the loan.
The Senate Minority Leader, Senator Enyinnaya Abaribe, had sought details of the projects to be implemented and that the lawmakers should critically scrutinise the panel’s recommendations before passing the report.
He said the Senate needed to look at each items of the report and then determine which of the projects would help in growing the country’s economy.
Abaribe’s suggestion was turned down by the Senate President, Ahmad Lawan saying 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.
After about 20-minute executive session, the upper legislative chamber approved the loan request.
President of the Senate, Ahmad Lawan, pledged that the loan would be used for projects that would improve the lives of Nigerians.
