The Nigerian Senate has approved President Muhammadu Buhari’s request to borrow N2.3 trillion (about $6.183 billion) to fund the deficit in the 2021 Appropriation Act.
Presenting the report, Ordia said the request is not new as it was approved in the borrowing plan when the national assembly passed the 2021 budget.
“What we are about to pass is not a new borrowing, it has been approved in the 2021 budget.”
Senate President Ahmad Lawan after the loan was approved said the national assembly must make sure that there are no frivolous expenditures by the executive.
“Let me thank the committee, this is not a new loan. This is a borrowing plan we have approved.
“What we have done is to provide the necessary resolutions for the implementation of it.
“Every cent counts. Our committees must be alive to oversee it. No frivolous expenditures should be entertained.”