There were indications on Sunday that Buhari’s $26.96bn loan request might not get a smooth passage in the House of Representatives
Findings by an eye witness showed that lawmakers were already querying the rationale for the “huge loan”, which they feared was a gradual return to the debt trap of yesteryears.
An official of the National Assembly said, “There will be serious legislative fireworks this week because we are not in ordinary times in Nigeria.
“Any loan that generations after today will continue to repay raises a lot of questions, and the person to provide the answers is Mr. President himself.”
It was gathered that some lawmakers in the House had, immediately the letter conveying the loan request to the House was read, queried the lack of details on how the government planned to spend the money.
A member stated, “$29.96bn is not N29bn. This is a huge amount of money. What do you want to do with it?
“It is not enough for you to write the parliament and say approve for agriculture and all that. Where are the details of the proposed expenditure? This loan request will not have an easy ride.”
House Minority Leader, Mr. Leo Ogor, admitted that members were worried that the President opted for a foreign loan at a time his administration had yet to account for the recovery it made as looted funds.
Ogor spoke more, “We have not seen the details of the loan. We will have to see the details and compare the proposal with the provisions of the Debt Management Office Act.
“There is so much money recovered from looted funds, Treasury Single Account. How have we utilised the money?
“We are not going to approve any loan without first seeing the details; make comparison with our DMO Act and our foreign liabilities.”
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http://dailytimes.ng/reps-demand-details-buharis-26-96bn-loan-ahead-debate/