Again, Senate approves N2.34 trillion loan request for Buhari regime
The Senate has on Wednesday, approved a N2.343 trillion external borrowing plan to finance the 2021 budget deficit.
This was sequel to the presentation of the report of the Senate Committee on Local and Foreign Debts by the Chairman of the committee, Senator Clifford Ordia, during plenary.
Presenting the report, Mr Ordia noted that President Muhammadu Buhari had in a letter to the Senate, dated May 6, requested for the authorisation of the implementation of the new external borrowing.
This is by raising the sum of $6.183 billion provided for in the 2021 Appropriation Act through the issuance of Eurobond in the International Capital Market (ICM).
Mr Ordia said that the amount authorised above may be raised from multiple sources such as the ICM and any other multilateral or bilateral sources as may be available.
According to him, as part of the committee’s finding, it noted with utmost importance genuine and serious concerns of Nigerians about the level of sustainability and servicing of our external borrowing.
“The committee also notes that due to the short fall in our annual revenues in relation to our need for rapid infrastructural and human capital development, we have had to pass deficit budget every year requiring us to borrow to finance the deficit in our budget.’’
In his remarks, President of the Senate, Ahmad Lawan said “this is not a new law. This is a borrowing plan that we approved before for the budget 2021.’’
“What we have done is to simply provide the necessary resolution that will enable the government to go and borrow,’’ Lawan said.
According to him, our committees should be alive and alert on how the funds that will be borrowed will be put to use.
“No frivolous expenditures should be entertained. I imagine that everybody in the trust of public funds, especially in this loans will be as prudent and as economical as possible.’’
Meanwhile, the upper chamber also approved the report of the Senate Committee on Judiciary, Human Rights and Legal Matters on Federal Capital Territory (FCT) Customary Court Act 2007.
The report was presented by the committee’s chairman, Senator Opeyemi Bamidele.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Lagos sees over 200% rise in visa approvals as U.S. intensifies consular services after COVID-19 pandemic
In Lagos, 42,329 American visas were approved in the year 2022 alone, a high figure compared to the 11,533 visas granted in 2021.
On July 1, 2022, the Lagos Division of the Court of Appeal sentenced Mr Nwaoboshi to prison after it convicted him on a two-count charge of money laundering.
They called on “the Niger Delta states to properly enforce their anti-open grazing laws and protect lives and property.
PIN developed the Ayeta toolkit—named after the Yoruba word for “bulletproof”—to give human rights activists tips on digital security.