- The Senate has approved President Muhammadu Buhari's $5.5 billion loan request
- Moreover, the House of Representatives on Tuesday, June 2, okayed the president's $22.7 loan request
- The $5.5 billion is intended to tackle the COVID-19 pandemic and some key projects in Nigeria
The $5.5 billion loan requested by President Muhammadu Buhari for COVID-19 and priority projects was on Tuesday, June 2, approved by the Senate.
Added to this, the House of Representatives also gave a nod to the $22.7 loan earlier sought by the president in 2019.
President Buhari had requested the loan to fund a number of infrastructural projects in the country, a move which at the time was opposed by some southeast lawmakers.
Explaining what influenced the decision of the green chamber, the speaker, Femi Gbajabiamila, said that every step to address the issues raised against the president's request was legally taken, The Cable reports.
Going forward Gbajabiamila disclosed that the House was able to persuade the executive to approve the insertion of projects from the south-east and north-east soon.
He said: “For the first time, we added a clause specifying certain projects. We met and demanded the commitment of the executive that these projects must be considered in the next borrowing plan and we got their words.
“I am only seeking for the understanding of our colleagues from the north-east and south-east. All of us will agree that there is a massive wide infrastructural deficit in this country and we need to bridge that gap."
Meanwhile, Legit.ng reported that a disagreement broke out at the floor of the Nigerian Senate on Thursday, March 5, after deliberations on the $22 billion external borrowing request by President Buhari commenced.
Clifford Ordia, the chairman of the committee who read out the report, suggested that the lawmakers approve the foreign loan request.
However, the decision to deliberate behind closed doors sparked a back and forth argument for over half an hour between lawmakers and the Senate president, Ahmed Lawan.
Abdullahi Yahaya and Enyinnaya Abaribe, the majority and minority leaders of the upper chamber, suggested that the report be considered part by part to allow the senators to understand the details of the bill.
While the lawmakers continued to argue, the Senate president stated that the consideration will be done as he said which would be as whole and it will be put for a voice vote on the floor.
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