The Senate President, Ahmad Lawan, has referred President Muhammadu Buhari’s request for Senate’s approval to borrow $4.054 billion, €710m and $125 million external loans to the Senate Committee on Foreign and Local Debts for further legislative action.
Lawan, during the plenary session on Tuesday, directed the committee which is headed by Senator Clifford Ordia, to work on the request by the president and report back to the Senate by next week Tuesday.
The action is coming at a time numerous critics have expressed concerns over the country’s mounting national debt which is estimated to be over N33 trillion.
The Senate President’s action follows motion to that effect which was moved by the senate leader, Senator Yahaya Abdullahi, and seconded by the Minority Leader, Senator Enyinnaya Abaribe.
The loan requests by the president were the second time in 2021, that President Buhari would be asking the upper legislative chamber for approval of external loan to fund critical projects across the country.
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