Senate okays Buhari’s $22.7bn loan request

The Senate, on Thursday, approved the $22.7bn loan request of President Muhammadu Buhari, after a heated debate that ended up in a closed session.

The lawmakers after a closed-door session, which lasted about 45 minutes, approved the two-item recommendation of the committee on local and foreign loans, chaired by Senator Clifford Ordia.

Investigations revealed that the senators had resolved the issues that had generated tension during the initial deliberation on the document at the closed session.

He also challenged the various committees of the red chamber to ensure strict oversight so that every dollar in the loan would be accounted for.

The bulk of the loan would come from the Islamic Development Bank, African Development Bank, the World Bank and banks from China, Japan and Germany.