Senate gives updates on $29.9bn loan requested by Buhari

– Senate has given updates on $29.9bn loan requested by President Muhammadu Buhari

– Ahmad Lawan said the president has provided borrowing details on the loan

– Former president Olusegun Obasanjo had warned against borrowing by the President Buhari-led government

Despite criticisms over proposed $29.9bn loan by President Muhammadu Buhari, the Senate said the president has provided details on the new borrowing request.

Vanguard reports that the Senate president, Ahmad Lawan, disclosed this at a media briefing, in Abuja, on Saturday, December 28.

Legit.ng gathered that Lawan said the presidency has learnt its lesson, adding that the details were not provided in 2016.

He said: “The situations are not the same. In 2016 there were no details. I think the presidency has learnt its lesson. This time, the presidency brought the requests with every possible detail.”

He promised that the senate would take a critical look at the request and ensure that every cent borrowed is tied to a project, properly, prudently and economically applied.

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Senate president, Ahmad Lawan, during a plenary session.
Source: Twitter

Meanwhile, Legit.ng had previously reported that former president Obasanjo warned that the country was currently sinking under this external debt as he added that something urged needed to be done to save future generations from bearing the brunt.

It was reported that this was aside the $29.6 billion loan the federal government sought to secure.

Obasanjo issued the warning concerning the effect of such massive borrowing when he spoke at an event, tagged: why I am alive campaign, organised by Nigerian pastor, Itua Ighodalo, in Lagos on Friday, December 27.

The former president, who governed the country between 1999 and 2007, shared his experience with borrowing as an individual and on behalf of the country.

In the speech, he painted a gloomy future for Nigeria should its leaders not take a fresh look at their steps in relation to loans.

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Obasanjo, who expressed pity on the future generations of the country, argued that even though securing loan for well-thought-out projects could be positive, it is lamentable that Nigerian leaders do not have the required discipline.

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