The senate has approved the $2.786 billion loan request of President Muhammadu Buhari to finance the 2018 budget.
The upper legislative chamber also approved $82.54 million to refinance the balance of $500 million Eurobond in the international capital market.
Senate President Bukola Saraki had read the president’s request on the floor of the senate last week Tuesday after the senators resumed from their over 10-week recess.
The lawmakers approved the president’s request after Shehu Sani, chairman of the committee on local and foreign debts, presented a report for their consideration on Wednesday.
Sani said the federal government should generate revenue internally and avoid “external borrowing”.
“That the senate do approve the issuance of the above, but advise that the federal government do everything possible to limit its requests for external borrowing and source for other means of generating revenue internally,” the senator said.
“This is to avoid driving our country into debt. Our various committees to carryout extensive oversight on the various MDAs to ensure that the previous loans that have been granted are properly utilised.
“This oversight should be fixed immediately.”
Ahmed Lawan, senate leader, said oversight should be carried out to ensure that the funds are used for the benefit of the country.
“Let us ensure we carry out oversight functions to make sure these funds are used for their purpose in growing the country,” Lawan said.
Barau Jibrin, senator representing Kano north, said: “The committee on finance should ensure the monies are released immediately.”
Senate President Bukola Saraki said: “Before the end of the week, we will fix a date where all our committees will carry out oversight to ensure that all the previous loans have been properly utilised.
”I thank the committee and all distinguished senators for the cooperation with the executive to ensure that we quickly pass this loan to ensure the proper funding of the 2018 budget.” (The Cable)
