The Senate has approved President Muhammadu Buhari’s $22.7 billion loan request following an intense debate that ended up in a closed session.
The loan, meant to fund critical infrastructure projects under the 2016-2018 External Borrowing Plan, was approved on Thursday following the two-item recommendation in the report of the Committee on Local and Foreign Loans, chaired by Senator Clifford Ordia.
Minority Leader, Senator Enyinnaya Abaribe, opposed when Senate President Ahmad Lawan moved to subject the two recommendations in the report to vote and approval.
“We are going to pass a loan of $22.7billion for which we are being denied the privilege to express our reservations. You are putting us in a very impossible position,” Abaribe said.
“There are some aspects of this loan that we object to. I want to ask on behalf of our colleagues here that we take these items one by one and vote on them.”
Lawan objected saying he did not want the debate to be held along party lines.
He assured that the loan would be spent on projects that would have an impact on the lives of Nigerians.
He also instructed the various committees of the Senate to ensure strict oversight so that every dollar in the loan would be accounted for.
The Islamic Development Bank, African Development Bank, the World Bank and banks from China, Japan and Germany will fund the loan.
