The senate has passed through second reading a request by Presdient Goodluck Jonathan for a $7.9 billion external borrowing plan.
The leader of the senate, Senator Victor Ndoma-Egba, moved the motion on the “inclusion of the pipeline projects into the Medium Term (2012-2014) External Borrowing Plan.
Despite the approval, the lawmakers were concerned about how the loans will be utilised and if there was need for the loan in the first place.
The request was referred to a joint committee on Local and Foreign Loan Debts and Finance.
