By Chioma Iruke
The $6.1 billion loan request by President Muhammadu Buhari which is equivalent to about N2.343 trillion was approved by the Nigerian Senate on Wednesday.
The report was presented by Chairman of the Senate Committee on Local and Foreign Debts committee, Clifford Ordia.
Recall, President Buhari had in May, asked the National Assembly to approve the loan which he said, will be raised from multilateral and bilateral tenders as well as the international capital market.
In his presentation, Mr Ordia said the request is not new, as it was approved in the borrowing plan when the national assembly passed the 2021 budget.
“What we are about to pass is not a new borrowing, it has been approved in the 2021 budget,” he said.
After the approval, the Senate President, Ahmad Lawan, said the National Assembly must make sure that there are no frivolous expenditures by the executive.
The National Assembly in April, had approved loan request of $1.5billion and €995million respectively for the Buhari administration.
