The Senate has said it will seek the opinion of stakeholders on the foreign loan borrowing plans of the President, Major General Muhammadu Buhari .
The 8th National Assembly had rejected the President’s proposed borrowing of $29.96bn because the proposal was not accompanied by expenditure details.
Feelers from some members, who last year had spoken on condition of anonymity, showed that they were no longer interested in the approval process. But 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.
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.” “It becomes a burden when government takes loans and refuses to repay. So, setting aside the money in order to service any outstanding borrowing is not a bad idea.”
“The options available are: we print new currency, we borrow, or we raise international bond. So, the government needs to move on. I agree that there are challenges in the economy but it is not as a result of the action taken by the Buhari administration alone.”
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