Senate Okays Buhari’s $6.1bn External Loan Request

July 8, 2021
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By Modupe Gbadeyanka

The $6.1 billion external loan request of President Muhammadu Buhari has been passed by the Senate.

The offshore borrowing worth N2.3 trillion in local currency was approved by the upper chamber of the National Assembly on Wednesday.

In May, Mr Buhari wrote to the Senate President, Mr Ahmad Lawan, informing him of his intention to approve the international debt market to source for the funds.

According to him, the money would be used to fund part of the 2021 budget. President Muhammadu had also said apart from the debt market, he intended to approach international money lenders to get the funds.

When his letter was read at the red chamber then, the Senate President mandated the Senate Committee on Local and Foreign Debt headed by Mr Clifford Ordia, to look into the matter.

Yesterday, Mr Ordia presented the outcome of his probe into the request and urged the Senate to approve it, noting that it was not new. According to him, the borrowing plan was approved when the National Assembly passed the 2021 budget.

In his remarks, the Senate President thanked the committee for the job well done, re-echoing the point made by Mr Ordia.

“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,” he said.

“Every cent counts. Our committees must be alive to oversee it. No frivolous expenditures should be entertained,” he added.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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