The Nigerian Senate has commenced the process to approve the $29.96bn foreign loan request forwarded to the National Assembly by the President, President Muhammadu Buhari.
Earlier, the senate president, Ahmed Lawan had assured that even though they would approve the loan request, the Senate would ensure adequate oversight, and that every cent that is borrowed is tied to a project.
On November 28, President Buhari had forwarded a request to the Senate to reconsider and approve the federal government’s 2016 to 2018 external borrowing plan.
He said the loan is to execute key infrastructural projects across the country between 2016 and 2018.
At the plenary, Lawan referred the request to the Committee on Local and Foreign Loans at the plenary.
He asked the committee to work on the proposal and report back to the Senate within two weeks.
The president had in 2016 sent the same request for about $30 billion to the eight Senate under Bukola Saraki which was however, rejected the request as majority voted against it when it was brought for consideration.