The Senate on Wednesday approved the $6.1 billion loan request by President Muhammadu Buhari.
Okay.ng understands that the request was approved after the Senate considered the report of the Senate Committee on Local and Foreign Debts presented by the chairman, Clifford Ordia.
Speaking during his presentation, Senator 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.
“Let me thank the committee, this is not a new loan. This is a borrowing plan we have approved. What we have done is to provide the necessary resolutions for the implementation of it.
“Every cent counts. Our committees must be alive to oversee it. No frivolous expenditures should be entertained,” Lawan said.