Senate Approves $28bn Loans for FG In One Year, Says Lawan via thisdaylive
Confirms 42 career ambassadors-designate, Appeal Court presidentPresident of the Senate, Dr. Ahmad Lawan, thursday said the Senate in the last one year had approved a total of $28 billion as loans to the federal government.
He 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. Also yesterday, the Senate raised the N10.509 trillion proposed by the executive as revised budget for 2020 fiscal year by N301billion, passing N10.810 trillion as aggregate expenditure for the revised budget.
Shedding more light on the increases, Chairman of the Senate Committee on Finance, Senator Olamilekan Adeola, said increases made on oil price benchmark from $25 per barrel proposed to $28 per barrel, accounted for N5 billion spread on different votes earlier proposed. Others are reductions/zero provision to some projects in the capital component and new provisions on service wide votes and capital supplementation to cushion the socio-economic disruptions and shock of COVID-19 pandemic.
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