JUST IN: Senate Denies Approving Fresh N850bn Loan For Buhari

The Nigerian Senate has denied approving a fresh N850 billion loan request for President Muhammadu Buhari.

The Senate clarified on Thursday that what transpired on the floor of the upper legislative chamber on Wednesday was “an amendment of the earlier resolution as to the source of the initial N850bn loan that had been approved” for the president.

The Senate described as “erroneous”, earlier reports that the approved loan request was a fresh one.

The Red Chamber made the clarification in a statement by its Chairman, Senate Committee on Media and Public Affairs, Senator Ajibola Basiru, on Thursday.

The statement reads in part: “That is far from the truth. The resolution passed was an amendment of the earlier resolution as to the source of the initial N850bn loan that had been approved to be part of what should be used to fund the 2020 Appropriation Act.

“You will recall that the Senate had actually approved the loan of N850 billion but to be sourced from external sources.

“However, because of the covid-19 Pandemic and of 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.

“It was the above request as to sourcing the earlier approved external borrowing of N850bn from Domestic Capital Market that was approved by the Senate.”