We passed President Buhari's #5.5b loan request to avert impending job losses, economic recession

Ahmed Lawan, the president of the Senate, has said that the $5.5 billion loan request by President Buhari was approved by the Senate so as to save over 20 million jobs in the country and also stop the economy from sliding into depression.

The president in May sent a letter to the Senate for the approval of the loan which he said is to enable the administration fund the revised 2020 budget and execute some critical projects. The Senate approved the loan on June 2nd.

Speaking over the weekend, Lawan said the loan was not approved for frivolous reasons but for the betterment of Nigerians.

According to him, the COVID-19 pandemic has had an adverse effect on Nigeria and Nigerians and that efforts need to be made to salvage the economy.

He said one of the ways to help the country is the development of some key projects which the loans will be expended on.

Speaking further, Lawan said if the loans were not approved, the nation’s economy may slip into recession.