Nigerian Senate

The Senate on Thursday began consideration of President Muhammadu Buhari’s request for the approval of an external loan of $5.5 billion.

The federal government intends to use the loan to finance the 2017 budget and Domestic debts.

The move by the Senate to commence consideration of the external loan request followed Executive Communication by the Senate leader, Senator Ahmad Lawan (APC-Yobe North).

He said; “Senate do consider the Request of Mr President C-in-C for the Approval of External Loans for : 1. Issuance of USD 2.5 billion to finance the 2017 Appropriation Act; and ii. USD 3 billion to re-finance debts.”

After the communication, Deputy Senate President, Senator Ike Ekweremadu, who presided over Thursday’s plenary session, referred the request to the Senate Committee on Foreign and Local Debts and report back in two weeks.

President Buhari had written to the Senate, asking for the approval of an external loan of $5.5 billion to enable the federal government finance the 2017 budget.