Senate Approves Additional $200m Loan for FG, Passes Criminal Justice Bill into Law

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The Senate has approved the request of President Goodluck Jonathan to raise additional $200 million Diaspora Bond from the international capital market in addition to an initial $100 million approved by the upper chamber of the national assembly in the 2012-2014 borrowing plan.

In a letter dated February 4, 2015 addressed to Senate President, David Mark, the president explained that the increment being sought was to enable him to address critical infrastructure in the country, while also giving Nigeria’s diaspora citizens the opportunity to invest in the development of the country.

Presenting the report, Senator Ehigie Uzamere, who chaired the Senate Committee on Local and Foreign Debts, which held joint meetings with the Committee on Finance said several meetings were held with officials of the Debt Management Office in the course of their assignment.

According to him, the joint committee was guided by Nigeria’s Medium Term Debt Management Strategy (2012-2015); The Debt Sustainability Analysis (2013); Fiscal Responsibility Act (2007); Debt Management Act (2003) and the 2014-2016 MTEF/FSP.

Senate President, David Mark, who presided over the sitting, said he was confident that the funds would be judiciously utilised by the Jonathan-led administration.

The Senate, also on Tuesday, passed the criminal justice bill into law. The bill, which according to the lawmakers, would ensure speedy dispensation of justice in the country has been presented since 2005. During this period, it has been adopted by the Lagos State government and has been amended once.

Chairman, Senate Committee on Judiciary, Human Rights and Legal Matters, Senator Umaru Dahiru, said when signed into law, the bill would promote efficient management of criminal justice in the country.

Mark also said that the bill would help in repositioning the criminal justice in the country.

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