…Approves Buhari’s $6.1bn foreign loan request
The Nigerian Senate yesterday passed a supplementary budget of N895.842 billion into law.
The passage followed a satisfactory report by the Chairman, Senate Committee on Appropriation, Senator Jibrin Barau, where he explained that the supplementary budget would augment the effort of various government agencies to discharge their responsibilities.
Barau pointed out that security agencies will be able to procure arms and equipment as they strive to combat insecurity across the country.
After the report, Senate President, Dr. Ahmad Ibrahim Lawan during the Committee of the whole considered clause by clause and passed the Bill.
In his remarks, Lawan enjoined government agencies to utilise the funds for the purpose for which it was allocated, while he expressed optimism that the story of insecurity would change given that enough money has been appropriated for it.
The Upper Chamber also approved the Federal Government’s request for a $6.1 billion (N2.343 trillion) loan request.
The Senate gave the approval after it considered a report from its Committee on Local and Foreign Debt, which it earlier directed to work on the loan request.
Presenting the report on the floor during plenary, the Chairman of the committee, Senator Clifford Ordia, said the request is not new as it was approved in the borrowing plan when the National Assembly passed the 2021 budget noting that it would be used to fund the budget deficit.
President Muhammadu Buhari had earlier in May asked the National Assembly to approve the loan request, saying it would be raised from multilateral and bilateral tenders as well as the international capital market.
