Buhari asks Senate to approve fresh N402bn loan

President Muhammadu Buhari has requested that the Senate approve a new round of loans totaling more than N402 billion.

The Senate President, Ahmad Lawan, read aloud on the floor of the red chamber the request made on Tuesday and conveyed in the form of promissory notes.
According to President Buhari’s letter, N375 billion of the total amount is intended to settle outstanding claims owed to various exporters.
Other debt payment requests to be routed through the Debt Management Office (DMO) include N6.706 billion for Kebbi State government on federal road construction in the state and N2.706 billion for Taraba State government on federal road construction as well.
In another request, Presi­dent Buhari asked the Senate to approve the issuance of N18.623 billion promissory notes for the Yobe State government.
The letter said that payment of N18.623 billion to Yobe State government through the DMO will help the state to offset all monies expended on execution of five different federal road projects in the state.

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The president in the sep­arate letters sought for expe­ditious consideration of the requests.

He also sought confirmation of the appointment of Mo­hamed Sabo Lamido as Exec­utive Commissioner, Finance and Accounts of the board of Upstream Regulatory Com­mission.

Lamido’s appointment as explained by the president in the letter read in plenary by the Senate President, was necessi­tated by the death of Hassan Gambo who hitherto served in that capacity before his death.