The National Assembly has come under heavy criticism for the swift approval of President Bola Tinubu's loan requests, raising Nigeria's debt
The National Assembly has come under heavy criticism for the swift approval of President Bola Tinubu's loan requests, raising Nigeria's debt profile to an alarming N138 trillion.
This follows a report presented by Aliyu Wamakko, the Chairman of the Senate Committee on Local and Foreign Debts. According to Tinubu, the loan is embedded in the 2024 fiscal year’s external borrowing plan. The Assembly also approved a controversial $800 million World Bank loan and N500 billion for palliatives to cushion the effects of subsidy removal.
“It’s quite unfortunate that lawmakers give blanket approval to the president’s demands,” Rafsanjani said. “They have become more than rubber stamps, choosing to side with the executive at all costs. Their job is to scrutinise and investigate policies, ensuring all details are submitted and verified before approvals.”
He further stressed that lawmakers must evaluate the utilisation of previous loans. “If there’s no evidence that past loans were effectively used, the Assembly must investigate before approving new ones,” he added.Professor Sheriffdeen Tella, an economist at Olabisi Onabanjo University, warned of the economic dangers of unchecked borrowing.
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