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President of the Nigerian Senate, Ahmad Lawan, has asked the Committee on Local and Foreign Debt to work on President Muhammadu Buhari’s loan request and report to the Senate in two weeks.
The development is in line with commencing approval process of $29.96bn foreign loan request forwarded to the National Assembly by Buhari.
In a post on the official Twitter handle of the Senate, the minority leader urged the upper legislative chamber to consider the foreign loan request of President Buhari.
The tweet reads, “Minority Leader seconds that the Senate do consider the request of Mr President on the 2016-2018 External Borrowing Plan in accordance with Sections 21 and 27 of the Debt Management Office (Est, etc) Act.”
Lawan after deliberating over loan request referred the request to the Committee on Local and Foreign Loans at the plenary and asked it to work on the proposal and report back to the Senate within two weeks.
Recall that President Buhari had on November 28 forwarded a request to the Senate to reconsider and approve the 2016 to 2018 external borrowing plan.
The loan, he said, is to execute key infrastructural projects across the country between 2016 and 2018.
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