Senate explains mode of N850b loan for Buhari

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The Senate has not approved a “fresh loan of N850 billion” for President Muhammadu Buhari contrary to reports.

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The 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.

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Basiru said the Senate approved that N850 billion be sourced from the domestic capital market as against external sources.

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The statement reads: “It is very important to make a clarification particularly as the widely circulated erroneous report that the Senate approved a fresh loan of N850 billion at plenary on Tuesday.

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“That is far from the truth. The resolution passed was an amendment of the earlier resolution as to the source of the initial N850 billion loan that had been approved to be part of what should be used to fund the 2020 Appropriation Act.

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“You will recall that the Senate had actually approved the loan of N850 billion to be sourced from external sources. However, because of the COVID-19 pandemic and 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.”

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