Senate begins work on Buhari’s $30bn loan request

The senate has begun work on the $30 billion loan request of President Muhammadu Buhari.

This is coming a day after Senate President Ahmad Lawan said the president’s request will be approved.

At the upper legislative chamber on Tuesday, the request was referred to the senate committee on local and foreign loans after Yahaya Abdullahi, the senate leader, moved a motion on it.

“That the senate do consider the request of the president, commander-in-chief on the 2016-2018 external borrowing plans in accordance with sections 21 and 27 of the debt management office act,” Abdullahi said.

The senate under the leadership of Bukola Saraki rejected Buhari’s loan request in 2016.

But on Monday, Lawan said the request was rejected at the time because there were no details accompanying it.

The senate president said the letter conveying the loan request of the executive “came with every possible detail” this time.

“One thing is we are going to be critical that every cent that is borrowed is tied to a project,” he said.

“These are projects that will have spillover effects on the economy and we will undertake our oversight so well to ensure that such funds are properly, prudently, economically and transparently are applied on those projects.”