Despite raging criticisms, the house of representatives has approved President Muhammadu Buhari’s request to borrow $22.7billion.
In the same vein, the Senate also approved $5.5billion for Covid19 and priority projects after the chairman committee on local and foreign debts, Clifford Ordia, presented a report on the floor of the upper legislative chamber.
The $22.7billion request had been sent to the house since 2019, with the president, pleading that the loan will be used to finance key infrastructure in the country.
There have been lots of criticisms from all quarters, lots of people have seen the borrowing culture of this government has a dangerous approach to governance.
Some lawmakers from the south-east in their own voice, complained that their region was excluded in the loans implementation plan.
The raging criticisms, led to the suspension of the loan approval.
However, after much plea championed by the speaker of the house, Femi Gbajabiamila, and the consideration of the report of the house committee on aids, loans and debt management, the request by Buhari to borrow $22.7billion has been approved.
