The Nigerian Senate has revealed its stance on President Muhammadu Buhari’s request for an $800 million loan from the World Bank, which was made just three weeks before his tenure is set to end.
POLITICS NIGERIA reports that the President had requested approval for the loan on Wednesday, citing the need to support poor Nigerians who would be most affected by the planned removal of petrol subsidy through the National Safety Net Programme.
However, concerns have been raised about the timing of the request, given the country’s already high level of debt.
Speaking on the issue when he appeared on Channels Television on Sunday, Senate spokesperson Ajibola Basiru stated that senators would thoroughly scrutinise the loan request. He added that relevant Senate committees would contact the necessary agencies to examine the President’s request based on the debt sustainability requirement under the Fiscal Debt Responsibility Act.
Despite this, Basiru declined to confirm whether the Senate would approve the loan request before the end of Buhari’s administration.
“I wouldn’t know the attitude of the ninth Assembly to the request. As you have said, the request was made available on Wednesday, and of course, as is characteristic of the Nigerian Senate, the request will be sent to the relevant committees of the Senate for consideration, and there will be interface with the relevant agencies of the executive to be able to get proper briefing,” he said.
“And of course the rationale and justification will also be examined in the context of the debt sustainability requirement under the Fiscal Debt Responsibility Act,” he added.
According to Basiru, “I cannot, this evening say whether it will be approved or that it will not be approved and in any event, I am just one senator out of 109 senators that will be considering the position.”
The issue has sparked debate among Nigerians, with some questioning the timing of the request and others expressing concern about the country’s rising debt levels.
