The Nigerian Senate has condemned the signing of a loan amounting to $500 million by the Governor of Kogi State, Alhaji Yahaya Bello, without the approval of the National Assembly.

The upper chamber on Wednesday referred the report to its Committee on Local and Foreign Debt to come back with a report within 48 hours or a maximum of five days.

This followed point of orders 42 and 45 raised by lawmaker representing Kogi West, Senator Dino Melaye, who informed the Senate that the Government of Kogi State signed a loan of $500 million without the approval of the National Assembly or Kogi State House of Assembly.

Lending his voice, Senator Atai Aidoko, stated: “This is unacceptable because this state is in so much debt. There is no law that allows a Governor to withdraw $500 million without approval from the Senate.”

Aidoko further complained: “The State has not been paying salaries. Where is all this money going? Let us do the needful and put these loans to an end.”

The Senate President, Bukola Saraki, in his reaction, said: “There are comments and allegations that we must first decide. We must refer it to the Committee on Local Debt and we are supposed to set up an Ad-hoc Committee and give them a maximum of 48 hours to report back on whether this loan has been taken, the process to which these loans have been taken and that such actions should be suspended until we establish it them.”

“We will allow our Committee to establish the status of the point you raised,” Saraki added.