Senate Refers Buhari’s $29.96bn Loan Request to Committee

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Ahmad Lawan

By Chuks Okocha and Deji Elumoye in Abuja

As expected, the Senate on Tuesday referred the $29.96 billion request by President Mohammadu Buhari to the Senate Committee on Local and Foreign Debts.

Also, the Senate President, Dr. Ahmad Lawan, directed the committee to report back to the Senate in plenary in the next two weeks with its report. The Committee is headed by Senator Clifford Ordia.

Earlier, the Senate Leader, Senator Abdullahi Yahaya Abubakar, under executive communications titled ‘2016-2018 External Borrowing Plans’ urged that “the Senate do consider the request of the President and Commander in Chief on the 2816-2018 External Borrowing Plans in accordance with sections 21 and 27 of the Debt Management Office, Establishment Act.’

The loan request was expeditiously condidered and Senate President Ahmad Lawan referred the executive communication to the Senate committee on Local and Foreign Debts, and the report should be ready for consideration in two weeks time.

The expeditious treatment of the $29.96 Loan request was in line with Monday’s assurances by the Senate President that the Senate will grant the loan request.

Lawan had said that the Senate would approve the loan based on a critical and prudent assessment of the request.

He said, “Yes, the Ninth Senate will approve the loan request. It is true that the Eighth Senate did not approve the loan request because there was no sufficient information. But this time around, we have been provided better information and details about the loan.”

Details later…