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Nairaland Forum / Nairaland / General / Politics / Again, Senate Approves N2.34 Trillion Loan Request For Buhari Regime (285 Views)
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Again, Senate Approves N2.34 Trillion Loan Request For Buhari Regime by NwaNimo1(m): 6:16pm On Jul 07, 2021 |
The Senate has on Wednesday, approved a N2.343 trillion external borrowing plan to finance the 2021 budget deficit. This was sequel to the presentation of the report of the Senate Committee on Local and Foreign Debts by the Chairman of the committee, Senator Clifford Ordia, during plenary. Presenting the report, Mr Ordia noted that President Muhammadu Buhari had in a letter to the Senate, dated May 6, requested for the authorisation of the implementation of the new external borrowing. This is by raising the sum of $6.183 billion provided for in the 2021 Appropriation Act through the issuance of Eurobond in the International Capital Market (ICM). Mr Ordia said that the amount authorised above may be raised from multiple sources such as the ICM and any other multilateral or bilateral sources as may be available. According to him, as part of the committee’s finding, it noted with utmost importance genuine and serious concerns of Nigerians about the level of sustainability and servicing of our external borrowing. “The committee also notes that due to the short fall in our annual revenues in relation to our need for rapid infrastructural and human capital development, we have had to pass deficit budget every year requiring us to borrow to finance the deficit in our budget.’’ In his remarks, President of the Senate, Ahmad Lawan said “this is not a new law. This is a borrowing plan that we approved before for the budget 2021.’’ “What we have done is to simply provide the necessary resolution that will enable the government to go and borrow,’’ Lawan said. According to him, our committees should be alive and alert on how the funds that will be borrowed will be put to use. “No frivolous expenditures should be entertained. I imagine that everybody in the trust of public funds, especially in this loans will be as prudent and as economical as possible.’’ Meanwhile, the upper chamber also approved the report of the Senate Committee on Judiciary, Human Rights and Legal Matters on Federal Capital Territory (FCT) Customary Court Act 2007. The report was presented by the committee’s chairman, Senator Opeyemi Bamidele. https://gazettengr.com/again-senate-approves-n2-34-trillion-loan-request-for-buhari-regime/ |
Re: Again, Senate Approves N2.34 Trillion Loan Request For Buhari Regime by Luckylife(m): 6:18pm On Jul 07, 2021 |
Rubber stamp 9th Senate |
Re: Again, Senate Approves N2.34 Trillion Loan Request For Buhari Regime by Ineedhelp2day: 6:18pm On Jul 07, 2021 |
NwaNimo1: The next administration will borrow heavily with huge interest to service the debt created by this Administration. Tell me... How is Nigeria going to be better in 20yrs with this ? |
Re: Again, Senate Approves N2.34 Trillion Loan Request For Buhari Regime by Nobody: 6:18pm On Jul 07, 2021 |
Good. We need to borrow more. We are a viable country and can withstand our loan in unity since the unity is negotiable. Moreover, out borrowing limit is not upto what is required meaning we can still borrow more and more |
Re: Again, Senate Approves N2.34 Trillion Loan Request For Buhari Regime by GodIsPerfect(f): 6:19pm On Jul 07, 2021 |
Only? Please borrow more. |
Re: Again, Senate Approves N2.34 Trillion Loan Request For Buhari Regime by adebenson155: 6:20pm On Jul 07, 2021 |
hmnnnn |
Re: Again, Senate Approves N2.34 Trillion Loan Request For Buhari Regime by Nobody: 6:20pm On Jul 07, 2021 |
Juliusmalema:And use it to do what |
Re: Again, Senate Approves N2.34 Trillion Loan Request For Buhari Regime by NwaNimo1(m): 6:22pm On Jul 07, 2021 |
2 Likes |
Re: Again, Senate Approves N2.34 Trillion Loan Request For Buhari Regime by Xscape1993(m): 6:32pm On Jul 07, 2021 |
What is still left in our dear country? |
Re: Again, Senate Approves N2.34 Trillion Loan Request For Buhari Regime by Naijabad: 7:32pm On Jul 07, 2021 |
You guys are blind to what is going on. Buhari is borrowing to develop the North and Niger Republic. He knows Nigeria will soon seize to exist, hence the mad borrowing. |
Re: Again, Senate Approves N2.34 Trillion Loan Request For Buhari Regime by Naijabad: 3:35pm On Jul 09, 2021 |
Naijabad: |
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