We Didn’t Approve Fresh Loan Of N850bn – Senate
President Buhari
ABUJA – The Senate yesterday denied approving fresh loan of N850 billion for President Muhammadu Buhari on Tuesday.
The Senate said that it didn’t approve fresh loan of N850 billion, adding that the resolution passed on Tuesday was an amendment in the request President Buhari brought to them earlier.
The upper chamber, in a statement by its spokesman, Dr Ajibola Basiru, said it was very important to make the clarification against the widely circulated erroneous report that the Senate approved a fresh loan of N850 billion at the plenary on Tuesday.
The Senate, in the statement said that it amended its earlier resolution as to the source of the initial N850bn loan that had been approved.
“That is far from the truth. The resolution passed was an amendment of the earlier resolution as to the source of the initial N850bn loan that had been approved to be part of what should be used to fund the 2020 Appropriation Act.
“You will recall that the Senate had actually approved the loan of N850 billion but to be sourced from external sources. However, because of the covid-19 Pandemic and of the challenge in the international oil market with the attendant challenges of raising the approved loan externally, the President requested that the approved loan should rather be raised through the Domestic Capital Market.
“It was the above request as to sourcing the earlier approved external borrowing of N850bn from Domestic
ABUJA – The Senate yesterday denied approving fresh loan of N850 billion for President Muhammadu Buhari on Tuesday.
The Senate said that it didn’t approve fresh loan of N850 billion, adding that the resolution passed on Tuesday was an amendment in the request President Buhari brought to them earlier.
The upper chamber, in a statement by its spokesman, Dr Ajibola Basiru, said it was very important to make the clarification against the widely circulated erroneous report that the Senate approved a fresh loan of N850 billion at the plenary on Tuesday.
The Senate, in the statement said that it amended its earlier resolution as to the source of the initial N850bn loan that had been approved.
“That is far from the truth. The resolution passed was an amendment of the earlier resolution as to the source of the initial N850bn loan that had been approved to be part of what should be used to fund the 2020 Appropriation Act.
“You will recall that the Senate had actually approved the loan of N850 billion but to be sourced from external sources. However, because of the covid-19 Pandemic and of the challenge in the international oil market with the attendant challenges of raising the approved loan externally, the President requested that the approved loan should rather be raised through the Domestic Capital Market.
“It was the above request as to sourcing the earlier approved external borrowing of N850bn from Domestic
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