The senate has approved the $6.1 billion loan request by President Muhammadu Buhari.
The $6.1 billion loan request — N2.343 trillion — was approved after Clifford Ordia, chairman of the loan and debts committee, presented a report on the floor of the upper legislative chamber on Wednesday.
The president asked the national assembly to approve the loan in May.
Buhari said the loan will be raised from multilateral and bilateral tenders as well as the international capital market.
While presenting his report, Ordia said the request is not new as it was approved in the borrowing plan when the national assembly passed the 2021 budget.
“What we are about to pass is not a new borrowing, it has been approved in the 2021 budget,” the senator representing Edo central said.
After the request was approved, Senate President Ahmad Lawan said the national assembly must make sure that there are no frivolous expenditures by the executive.
“Let me thank the committee, this is not a new loan. This is a borrowing plan we have approved,” Lawan said.
“What we have done is to provide the necessary resolutions for the implementation of it.
“Every cent counts. Our committees must be alive to oversee it. No frivolous expenditures should be entertained.”