A former lawmaker who represented Kaduna Central in the Eighth Senate has said that the recent approval sought by the president to borrow a total of $21.5 billion loan is confusing.
Sani said making such a request despite the removal of fuel subsidy which should have saved some money for the country is confusing to him.
He wrote on X, “Even though the lawmakers have the details of the request, after the removal of subsidies, borrowing such billions of dollars is a bit confusing to me.”
Recall that the president had on Tuesday, May 27, sought the approval of the National Assembly for an external borrowing plan of $21.5 billion.
The president also sought the approval for the issuance of a N757.9 billion bond.
In three letters addressed to the leadership of the National Assembly, President Tinubu said the bond fee would be used to settle outstanding pension liabilities owed by the government.
A breakdown of the external borrowing as submitted to NASS by the president shows – USD 21,543,647,912, EUR 2,193,856,324.54, and 15 billion Japanese Yen, in addition to a grant of 65 million EUR.
Tinubu assured that the money would be infused into all critical sectors of Nigeria’s economy as well as boost the nation’s foreign exchange inflow.
He said this would in turn lead to the stabilisation of Nigeria’s economy to the benefit of citizens.
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