The Senate on Thursday said it did not approve a “fresh loan
of N850 billion” for President Muhammadu Buhari during its special plenary
session on Tuesday.
The new Chairman, Senate Committee on Media and Public
Affairs, Senator Ajibola Basiru, in a statement in Abuja, said what the Senate
did was to pass a resolution to vary the terms of the approval it earlier gave
for the loan request.
Basiru said the Senate approved that the N850billion be
sourced from the domestic capital market as against from external sources.
The statement titled: “No Fresh Loan of N850bn Approved by
the Senate” reads: “It is very important to make a very important clarification
particularly as the widely circulated erroneous report that the Senate approved
a fresh loan of N850 billion at the Plenary on Tuesday.
“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 Capital Market that was approved
by the Senate.”
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