Senate approved $28bn foreign loans in one year –Lawan

The President of the Senate, Ahmad Lawan, has listed the approval of a total sum of $28bn foreign loans for the regime of the President, Major General Muhammadu Buhari (retd.), in the last one year, as part of the 9th Senate achievements.

Lawan stated this in the speech he delivered to his colleagues to mark the beginning of the 9th Senate’s second legislative year, which began on Thursday.

He said, “In order to support and enable the government to 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 $28bn 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.”

Lawan said the current experience of low revenues to government was a challenge to the lawmakers to think and evolve additional sources of funding government projects.

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