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Despite Concerns over Rising Debts, Senate to Approve Buhari’s $30bn Loan Request

Despite Concerns over Rising Debts, Senate to Approve Buhari’s $30bn Loan Request








•Says president has provided details of
borrowing plan
•PSC bill passage to generate additional
N420bn for 2020 budget



Despite huge concerns over Nigeria’s rising debt profile, the President of the Senate, Dr. Ahmad Lawan, yesterday said with sufficient information supplied by the federal government to back its request to borrow $29.9 billion, the Senate would approve the external loan request.
He also said the Production Sharing Contract (PSC) Bill recently signed into law by President Muhammadu Buhari would provide more revenue for the implementation of the 2020 budget.




Highlighting his achievements since he assumed office six months ago, Lawan told reporters yesterday in Abuja that unlike what happened in the Eighth Senate, Buhari had provided all information and details required to ensure the passage of the loan request.
Lawan said the Senate would approve the loan based on a critical and prudent assessment of the request.
“Yes, the Ninth Senate will approve the loan request. It is true that the Eighth Senate did not approve the loan request because there was no sufficient information. But this time around, we have been provided better information and details about the loan.

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