Senate approves $22.7bn FG’s loan amid controversy

Some senators kicked against the submission of the committee’s report without the details of the projects to be funded with the money requested for by President Buhari.

Abaribe in particular, decided not to look away from the lacuna, as he drew the attention of his colleagues to the matter, and sought for a thorough scrutiny of the document.

In his contribution, Senator Ifeanyi  Ubah (YPP Anambra North), drew the attention of the Senate to the alleged poor infrastructures in  the South East zone in line with the external borrowing plan of the federal government.

Buhari had requested the 8th National Assembly to approve $29.96bn for his administration but the Senate, under the leadership of Bukola Saraki as President of the Senate, turned down the request because the President did not attach details of the projects and financial allocations to his letter of request.

President Buhari, however, represented the request to the 9th Senate last December but was reduced to $22.7 billion, clarifying that the 8th National Assembly actually approved about $6 billion out of the total amount requested.

During the consideration of the report yesterday, however, Abaribe, raised a point of order to draw the attention of the Senate to the lack of attachment of details of projects and fund allocations in the report, thereby urging the President of the Senate to allow a clause by clause consideration of the loan request.

Not comfortable with Abaribe’s request, Lawan turned down his suggestion, saying that the report of the Committee should not be subjected to debate, according to the rules of the Senate.

The position of Lawan, did not however, go down well with the Minority Leader, who cautioned that it would be injurious to the country’s economy, for the Senate to approve the loan without proper scrutiny.

Along the way, the senators agreed to dissolve into executive session following suggestion by Senator Gabriel Suswan (PDP Benue North East).

In his remarks after approval of the loan, Lawan said the Senate via its oversight function would ensure that every amount approved for a project would be strictly dedicated to the project.