The Senate has approved a $6.1 Billion external loan request of President Muhammadu Buhari to partly finance the deficit in the 2021 budget.
The approved loans are to be used for priority projects in the power, transport, agriculture, rural development, education, health and defense.
The loan to be raised from multilateral and bilateral sources and International Capital Market, will also be used to pay counterpart funding of some critical projects being implemented.
The Senators approved the loan request, after considering the report the senate, local and foreign debt committee, which clarifies that the $6.1 billion loan request is not a new loan.
According to the committee, the loan request is just being formalized, having been approved by the National Assembly in the 2021 appropriation bill.
Senate president, Ahmed Lawan, tasks the senate committees to be alive to their responsibilities to ensure there is no frivolous expenditure in the 2021 budget.
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