The Senate yesterday approved the sum of $22,798,446,773 ($22.7 billion) loan requests for federal government agencies, Kaduna and Katsina states.
This followed the recommendation of the Senate committee on Local and Foreign Debts contained in its report presented by the chairman, Senator Clifford Ordia (Edo Central).
The report is based on the 2016-2018 federal government external borrowing (rolling) plan.
Federal government agencies, Kaduna and Katsina states will now get $22,798,446,773 loan from the World Bank, People’s Republic of China Exim Bank and Islamic Bank.
The lawmakers, after series of arguments during the debate, approved the recommendations of the committee.
The federal government ministries and agencies, including some states had requested for an approval of the Senate to secure a loan of about $22.8 billion.
While the federal government agencies are seeking for about $22.7 million dollars loan with 75 per cent of it to come from the People’s Republic of China’s Exim Bank, Kaduna is seeking for $350 million loan from the World Bank, while Katsina is seeking for $110 million loan from Islamic Development Bank, an amount 20 to 50 per cent could be grant if approved by the Senate.
Senator Gabriel Suswam (Benue North East) had earlier urged his colleagues to go into an executive session to deliberate before taking action, but the Senate president, Ahmad Lawan, said they couldn’t go on executive session when they could vote for or against the recommendation.
Pressure from lawmakers forced the Senate leadership into accepting a 15-minute executive session.
Coming out of the executive session, the Senate approved all the committee’s recommendations to allow the federal government, Kaduna and Katsina states to borrow the sum of $22,798,446,773.