The Senate on Wednesday approved President Muhammadu Buhari’s External Borrowing (Rolling Plan) request in the sum of $16,230,077,718, and €1,020,000,000.
Also approved by the upper chamber was a grant component of $125 million.
The loans are to be funded by the World Bank, China Exim Bank, industrial, and commercial banks as well as African Development Bank (AfDB) among others.
The lawmaker noted that the said projects will stimulate a “rebirth of commercial and engineering activities and the consequent tax revenues payable to Government as a result of these productive activities will increase.”
The president had made the request for the facilities in an addendum to the 2018-2020 borrowing plan in September.
The request was made some months ago in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber.
In July, the legislators approved the sums of $8.3 billion and €490 million loans contained in the initial 2018-2020 borrowing plan.
But in the letter, Buhari explained that owing to “emerging needs”, there is a need to raise more funds for some “critical projects.”
The president said the loans, when obtained, will stimulate the economy and create jobs.
According to Sowore, loans taken by Buhari were used for his medical trips and not on roads.
Sharing a Twitter post by PucciStucci calling the attention of the Nigerian government to the bad state of Benin city/Sapele Road, Sowore wrote, “Adopted! @MBuhari borrows daily for his medical trips, not to fix roads. Using Nigeria as collateral for his medical treatment bills. Aluta contiua! You have our support. #revolution #RevolutionNow.”
Since he assumed office on May 29, 2015, Buhari has embarked on medical trips abroad at least five times, covering a period of no fewer than 160 days of the six years he had been in power.
Despite public outcries, his government has continued to request for loans with an ever willing legislature that cares little for its citizens.
