xThe $6.1 billion loan request, which is equivalent to about N2.343 trillion, was approved after the Senate considered the report of the Senate Committee on Local and Foreign Debts. The Committee recommended that the Senate approves Buhari’s request for the issuance of $3,000,000,000 but not more than $6,183,081,643.40, Eurobond in the International Capital Market. He also disclosed that the National Assembly already approved the borrowing of N4.6 trillion in the 2021 Appropriation Act. Senator Ordia said the request is not new as it was approved in the borrowing plan when the national assembly passed the 2021 budget. xAfter the approval, the Senate President, Ahmad Lawan, said the National Assembly must make sure that there are no frivolous expenditures by the executive.

Source: The Guardian July 07, 2021 12:30 UTC