“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.” Nigeria Loan Senate 2020Budget
In a speech to mark his first anniversary in office, the presiding officer said the facilities were sanctioned to fund major projects.He stated: “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.
The passage followed the consideration of the report of the Committee on the Appropriation Act Bill 2020. The breakdown shows that of the N10,810,800,872,072 to be disbursed from the Consolidated Revenue Fund, N428,032,186,792 is for statutory transfers; N2,951,710,000,000 goes for debt servicing; N4,942,269,251,934 for recurrent expenditure and capital expenditure gets N2,488,789,433,344.
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