The executive arm of government has not furnished the Senate with details and breakdown of projects expected to be executed with the N850bn domestic loan request by President Muhammadu Buhari.

The red chamber had last week Tuesday, April 28th, 2020 given accelerated approval to the loan request expected to be sourced from local capital market, even though it did not have details of the official communication.

The President of the Senate, Ahmad Lawan, had after the express approval, directed the relevant committees of the Senate to cooperate with the Ministry of Finance concerning details of the loan request.

The Chairman of the Senate Committee on Special Duties, Senator Yusuf Yusuf, confirmed to Flavision that the executive branch has not sent the details of the loan request to the Senate.

Yusuf said,

We are still expecting the official communication from the Presidency. What we did was to approve the N850bn borrowing request from the domestic capital market to restructure the budget which is still coming to the National Assembly. We are still waiting for it.

Details of the outlook of the budget is still being expected and we hope it will include the N500bn SIP request.

The N850bn is borrowing from domestic capital market while the N500bn, which is different, would be squeezed from the system.

Justin Nwosu

Justin Nwosu is the founder and publisher of Flavision. His core interest is in writing unbiased news about Nigeria in particular and Africa in general. He’s a strong adherent of investigative journalism, with a bent on exposing corruption, abuse of power and societal ills.