The opposition Peoples Democratic Party (PDP) has berated the Senate for approving President Muhammadu Buhari’s request for a fresh $22.7 billion loan.
The approval was a sequel to the consideration of the report of the Senate Committee on Local and Foreign Debts.
The federal government had earlier said the N22.7 billion loan would be used for infrastructure development. This was contained in a statement signed by Kola Ologbodiyan, the party’s national publicity secretary. “@The fact that the $22.7 billion loan request brimmed with unexplained, obscure, over-bloated and questionable subheads, such as the scandalous $500 million dollars smuggled in under the guise of upgrading the Nigerian Television Authority , shows that the APC and a cabal in the Presidency are in a huge financial racket, for which they are ready to plunge Nigerians into more suffering.
In his view “domestic debt accumulation discourages private investment level in Nigeria through increased lending rate, inflation rate and scare resources in the financial market which further has a significant impact on the rate of employment and the economic activities of the country.”
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigeria’s debt hits N33.078trn as Senate approves Buhari’s $22.7bn loan – Daily TrustNigeria’s debt hits N33.078trn as Senate approves Buhari’s $22.7bn loan Experts flay borrowing ‘96m Nigerians live in extreme poverty’ Nigeria’s debt profile has hit N33.078trn (108.1bn) following the Senate’s approval of a $22.7 billion (N6.923trn) loan request by President Muhammadu Buhari. The approval pushed up the nation’s total debt from $85.4bn (N26.047trn) accumulated as at …
Read more »
Senate okays Buhari’s $22.7bn loan request amidst protests
Read more »
BREAKING: Senate in emergency closed session over Buhari’s $22.7bn loan request
Read more »
Confusion in senate over Buhari's borrowing plan of $22 billionTHERE is confusion in the Senate today as Senators begin discussions details of the2016- 2018 External Borrowing
Read more »
BREAKING: Senate okays Buhari’s $22.7bn loan request
Read more »
Fireworks in senate as debate over Buhari's $22.7bn loan stalemated – Daily TrustThe debate on the $22.7bn external borrowing plan of the federal was stalemated on the floor of the Senate as some opposition lawmakers demanded the details of the projects to be funded with the money. The controversy started on Thursday when the Chairman of the Local and Foreign Loans Committee, Senator Clifford Ordia submitted the …
Read more »