Senate panel to consider Edo N14.7b loan request

The Senate’s Ad Hoc Committee on Local and Foreign Debt yesterday got the nod to consider President Muhammadu Buhari’s request that the Senate should approve $75 million (N14.7 billion) World Bank loan to Edo State.

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Senate President Abubakar Bukola Saraki constituted the seven-man committee and urged it to consider the request and report to the Senate today.

The members are: Kabiru Gaya (chairman); Buka Abba Ibrahim, David Umoru, Duro Faseyi, Emmanuel Paulker, Samuel Anyanwu and Ibrahim Abdullahi.

President Buhari requested the Senate for approval to enable the state obtain the World Bank loan.

In a letter to the Senate president, which was read on the floor on August 4, President Buhari reminded the lawmakers that the World Bank approved a development policy programme of $225 million to the state in 2012.

It would be implemented in three tranches of $75 million per annum.

He told senators that the first tranche of the loan was approved by the National Assembly in the 2012-2014 Federal Government’s external rolling borrowing plan.

The President said the Edo State government had successfully implemented the Development Policy Operation (DPO) since 2014.

He explained that following this success, the World Bank’s board of directors approved the second tranche, noting that on April 29, 2015, the DPO was also captured in the Federal Government’s external borrowing plan of 2014-2017 pending before the National Assembly.

The President said the request for approval would enable the state consolidate on the gains of the first tranche.

Also, five bills including National Centre for Cancer Research and Treatment Bill 2015, sponsored by Senator Mao Ohuabunwa (PDP Abia North) passed through first reading.

Others that scaled first reading included Nigeria National Petroleum Corporation Act (Amendment) Bill 2015 sponsored by Senator Babajide Omoworare (APC Osun East) and Chartered Institute of Entrepreneurs (Establishment, etc) Bill 2015 by Senator Gobir Ibrahim (APC Sokoto East).

The Forestry Research Institute of Nigeria (Establishment, etc) Bill 2015 sponsored by Senator Uche Ekwunife (PDP Anambra Central) and The Electronic Transaction Bill 2015 by Senator Hope Uzodimma (APC Imo West) passed first reading.

The Senate also considered the request of Mr President for the Confirmation of Mr Abdullahi Kaugama as the Resident Electoral Commissioner (Jigawa State) in the Independent National Electoral Commission (INEC). The Senate referred his confirmation to the Committee of the Whole for further legislative action.

Senate panel to consider Edo N14.7b loan request