Why we’ll pass Buhari’s $29.9 billion loan request – NASS

The National Assembly has given reasons why it would give President Muhammadu Buhari’s $29.9 billion loan request a special consideration despite public outcry over Nigeria’s rising loan default.

President of the Senate, Ahmad Lawan, disclosed this on Monday in Abuja during a media parley.

He, however, pointed out that the various standing committees will carry out serious oversight functions and ensure that the money is not misappropriated by the various Ministries, Departments and Agencies (MDAs).

Recall that in November 2016, then Senate President, Bukola Saraki turned down the same loan request from President Buhari.

According to Lawan, “The question of whether we will pass the loan request of the Executive arm of Government, yes, we will pass it.

“If we don’t have money and you have projects to build them, how will you provide infrastructure that you need?

“But one thing is that, we are going to be critical that every cent that is borrowed is tied to a project.

“These are projects that will have spillover effects on the economy and we will undertake our oversight so well to ensure that such funds are properly, prudently, economically and transparently are applied on those projects.”