Senate approved N10.08tr foreign loan for Buhari in one year – Lawan

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Senate President, Ahmad Lawan on Thursday disclosed that the 9th Senate has approved $28 billion or N10.08 trillion (at N360 to $1 exchange rate) for President Muhammadu Buhari, in the last one year.

Lawan made this revelation in his speech to mark the first anniversary of the 9th Senate in Abuja.

He said that the Upper Chamber ensured proper scrutiny for the desired projects, programmes of government and the conditions of the facilities before approving the requests.

Lawan said: “In order to support and enable the government raise the necessary funds for national development, there were requests for approval to borrow, both from the domestic and foreign sources.

“We have approved foreign loans of about $28 billion in the last one year.

“We had ensured proper scrutiny for the desired projects and programmes of government, the conditions of the facilities; before approving such borrowing requests.

“The task ahead of us is to ensure tracking, monitoring and supervision of how the loans are applied. We must ensure that the target projects remain, and that there is value for money also.”

He added that, “The current experience of low revenues to government, also challenges us to think and evolve new or additional sources of funding government projects, especially, for the development of our infrastructure.

“While borrowing may be inevitable, we should also consider a Public Private Partnership (PPP) as a means of funding some of the government projects.”

The Nation

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