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Senate okays Buhari’s $22.7 billion loan request

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Nigeria’s Senate on Thursday approved President Muhammadu Buhari’s plan to borrow $22.7 billion from external creditors to finance infrastructure projects.

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.

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The loan will be expected from the Islamic Development Bank, the African Development Bank, the World Bank and creditors in China, Japan and Germany.

Senate president Ahmad Lawan said that the loan would be spent on projects that would have an impact on the lives of Nigerians.

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.

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