Senate drama over Buhari's N23.7 trillion loan request

The Senate is currently in a tense session over the President's request to approve Ways and Means Advances restructuring worth N23.7 trillion.

During the plenary on Wednesday, Senate President Ahmad Lawan and House Speaker Femi Gbajabiamila read out Buhari's request to members of the respective chambers.

In the request titled, 'Restructuring of Ways and Means Advances,' the President wrote, "The Ways and Means Advance by the Central Bank of Nigeria to the Federal Government has been a funding option to the Federal Government to cater for short-term or emergency finance to fund delayed government expected cash receipt of fiscal deficit.

"As of December 19, 2022, the Ways and Means balance is N23,719,703,774,306.90." I have approved the Ways and Means balances securitization on the following terms: N23.7tn; tenure, 40 years; three-year moratorium on principal repayment; and a 9% pricing interest rate."

However, at the plenary, Senator Solomon Adeola, chairman of the Senate Committee on Finance, was reporting the committee's findings on the Ways and Means when Senator Betty Apiafi, representing Rivers West, stood up to oppose the new borrowings, and the Senate President shouted her down.

Senators began to shout, standing up and shouting aggressively, giving the situation a new dimension.

Senators Smart Adeyemi (APC, Kogi West) and George Sekibo (PDP Rivers) raised a motion in support of Apiafi, stating that the Senate President had no authority to shout down a senator while he was speaking.

As the tension in the plenary grew, Lawan quickly called for a closed-door session.