President Buhari had written to the Senate in May as he sought to fund the 2021 Appropriations Act with the credit which will be sourced from multilateral and bilateral firms.
The approval was given after Senator Clifford Ordia, the Chairman of the Senate Committee on Local and Foreign Debts, presented a report to the upper chamber.
It was gathered that the Senate had approved N4.6 trillion in the 2021 Appropriation Act, while stating that the N2.3 trillion will partly finance the 2021 budget deficit.
According to Senator Ordia, the approved loan of N2.3 trillion is not new as it was earmarked in the 2021 budget, “What we are about to pass is not a new borrowing, it has been approved in the 2021 budget,” he said.
Commenting on the approval, Senate President, Ahmed Lawan, said the committee will oversee the usage of the loan and ensure it is not disbursed for frivolous expenditures.
While buttressing the statement of Ordia, Lawan said the update was a resolution given for implementation of the loan.
By Fakoyejo Ayodeji
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