Approved N850 billion not fresh loan, Senate clarifies

The Senate has debunked the news making the rounds that it approved a fresh loan of N850 billion at the plenary on Tuesday, insisting that it was an amendment of the earlier resolution as to the source of the initial facility sanctioned to fund the 2020 Appropriation Act.

In a statement yesterday by the new chairman of its Committee on Media and Public Affairs, Dr. Ajibola Basiru, the upper legislative chamber said the sum in question was originally okayed to be sourced from external sources but for the COVID-19 pandemic and falling oil prices that warranted President Muhammadu Buhari to make a fresh request that the money be sourced from the domestic capital market.
[ad]