$29bn Loan Request: Senate Approves Public Hearing On Buhari’s Foreign Borrowing Plans

The Nigerian Senate has taken a new stand on the President’s proposed borrowing of $29.96bn loan

Naija News learnt that the lawmakers agreed to seek the opinion of stakeholders on President Muhammadu Buhari’s borrowing plans.

This online media recalls that when Buhari presented the request to the lawmakers late last year, Ahmed Lawan, the President of the Senate, assured the president that his request would be considered.

Further findings, however, indicated that the committee, which has Senator Clifford Ordia as chairman and Senator Bima Enagi as vice-chairman, also rejected a public hearing on the loan request.

Meanwhile, there is a new turn of event as the Chairman, Senate Committee on Finance, Senator Solomon Adeola, in an interview on Saturday in Abuja, said the red chamber would hold a public hearing on Buhari’s request.

Adeola said, “The Federal Government is not asking the National Assembly to approve the sum of $29.96bn loan. This is because in the last Senate, about $6bn had been approved for President Muhammadu Buhari to borrow out of the $29.96bn.

“It is the balance of that figure that the government is asking us to approve for it in the borrowing plan, which is about $22.6bn.

“The Senate Committee on Foreign Loans will organize a public hearing on the issue if need be. In the alternative, we will engage the various agencies of the government to give them a clearer view of how the money would be utilised.”

The senator added that all the loans being requested would be attached to the execution of “five legacy projects” under the Buhari regime, including the Second Niger Bridge, the East-West Road, the Lagos-Ibadan Expressway, the Mambila Power project, and the Kaduna-Abuja Highway.

He added, “The approval of the loan will afford the government an opportunity to achieve the completion of the projects before the end of Buhari’s administration.”

According to him, the borrowing plan will assist the government to fulfil its promise to Nigerians within four years.