The summary, therefore, is that the president only requested the approval of the Senate to vary the source of a loan which the legislature had previously given him approval to obtain… From this simple explanation, it becomes difficult to see how the Senate would have voted against a loan already contained in the 2020 Appropriation Act.
The Senate at a special plenary on Tuesday, April 28 gave its approval to a request by the executive to borrow N850 billion from the domestic capital market. The request as well as the legislative approval have since unsurprisingly drawn varied commentaries in the media. The focus of this piece is not to debate the desirability or otherwise of the borrowing plan. Instead, it is to put the record straight and correct the misconception or distortion in the communication that the Senate approved a fresh loan request by the Executive. No, the Senate did no such thing!
This segment of people has since seized the social and traditional media to portray the Senate as calling the Tuesday’s special session to “rubber stamp” a fresh loan request by the Executive. That portrayal takes the executive communication to the Senate and the subsequent approval completely out of context.
“To ensure that there are adequate funds to finance critical projects and programmes in the 2020 Budget, I hereby seek the Senate’s approval, by resolution, to raise the N850 billion of new external borrowing, in naira, from the domestic capital market, instead of from the international capital markets.
Buhari merely asked the lawmakers to allow him source the loan from the domestic capital market, instead of from the International Capital Markets for which he had earlier secured their approval. Nothing more. Nothing less. So why are the critics faulting the wisdom of the Senate and its leadership in approving Buhari’s request in this critical period of battling the coronavirus pandemic? This is certainly not the time or issue for the legislature to pick a fight with the Executive.
Source: Loan Digest (loandigest.net)
So the 860 Billion loan was part of the 2020 Budget that was already approved by Senate, which had its confirmation last month. What a shame to all the opposition voices, Buhari media team and e-intellectuals who knew about this, and deliberately misled others.
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