by Yusuf Alli,

Senators have put another hurdle in the way of the presidential request for approval to obtain $29.9billion loans for infrastructure.

Last week, the Senate threw out the request – on the grounds that it was not accompanied with how the loan would be used and repaid.

President Muhammadu Buhari, according to sources, has secured the understanding of Senate President Bukola Saraki that the request will be reconsidered when re-presented, with details, expectedly this week. But senators are pressing that the request should be taken for public hearing before approval, The Nation learnt.

The public hearing clause is one of the conditions most of the senators have given Saraki before approving the loans.

It was unclear yesterday whether the Senate President will accede to this condition.

A source in the National Assembly said: “We are amenable to the re-presentation of the request for the loans by the President. The law or our Standing Rules allows it.

“Most of us have however told the Senate President that we should subject the request to public hearing because the debts will be paid back in 20 years by the next generation.

“Also, if ex-President Olusegun Obasanjo could secure debt relief of over $30billion, Nigerians need to be part of this latest decision to incur $29.9billion.

“Some of us feel that if we throw the request open, we may get alternative ideas from Nigerians.”

A first term Senator said: “We are pushing for public hearing to enable Nigerians scrutinise what the loans will be used for. We want them to buy into it.

“Some of us will also be able to sleep well that the decision to obtain the loans has the backing of all Nigerians.”

A ranking Senator said: “We are not opposed to a fresh request from the President but we prefer public hearing. I want a situation whereby I will be able to tell my children why the Senate supported the taking of the loans.

“We cannot take things for granted again. The government said it will spend about N500billion on social investment but up till now, Senators, members of the House of Representatives and even governors are kept in the dark.

“We do not know the shape of the programmes, how beneficiaries were drawn up and whether or not the teachers to be recruited are relevant to the need of each of the 36 states and the FCT.

“If we are unsure of how N500billion will be spent, then we need to subject the $29.9billion loans to public hearing.”

Another ranking Senator said: “Public hearing is not a must when the Executive needs loans. All we have to do is to refer the request to the Committee on Local and Foreign Debts, which is headed by Sen. Shehu Sani.

“Our colleagues are demanding for public hearing but this will amount to double standards. When we got requests for loans from Edo and Lagos states, we did not conduct any hearing. We considered the applications on merit.”
“We will leave the discretion to the President of the Senate.”

The President had said the external borrowing plan would be used for infrastructure, agriculture, health, education , water supply , growth and employment generation , poverty reduction through social safety net programmes and governance and financial management reforms etc.

He said: “The total cost of the projects and programmes under the borrowing (rolling) plan is $29.960billion made up of proposed projects and programmes loan of $11.274billion, Special National Infrastructure projects $10.686billion, Euro bonds of $4.5 billion and Federal Government budget support of $3.5billion.”

kollynxofodile:
This is a country that doesn't have a database of it's Citizen.

If that 500b can be channelled into creating a unified and tamper proof ID card for Nigerians

I will solemnly support it.

It will go a long way in changing many thing,

Insecurity,
Ease of IDentification
Illegal immigration.
Ease of getting bank loans for SME
The benefits are endless

Infact, instead of CENSUS let the government provide an ID database

FROM IT you can actually get the real figure of NIGERIANS

Just like the Senators said
On what criteria does people qualify for this social

Where re they from.

How re u sure they re Nigerians self. They can be Niger republic

Few days ago, A director on one of government parastatals was sacked cos it was discovered that he is from NIGER republic

Not only has he been collecting salary, he has also employed many of his country men in the same Agency.
The only reason I knew about dis was because my Aunty is an Assstant Director o him.

No Nigeian media reported the news

Who knows how many has infiltrated our Government, Military, Police & etc

The funny thing is that this Abokis will never agree to a real ID database of the Country, Cos it will expose their lies which they have used to rig elections and get federal allocation.

Fr your information

All the NIGER REPUBLIC citizen in NGERIA

has Voters card.

Hmmmmmm 4 dis country.

VampireeM:
The issue here isnt the intention of the loan which of course is very commendable but we all know this Nigeria and we are corrupt! The problem is some set of persons embezzeling our future for their own personal use and not held accountable for it! Maina and the pension scam comes to mind.

PMB may have good intentions but we dont want him mortgaging/gambling our future with this loan.. He should forget about the loan and go after past corrupt official esp the ones in APC, starting with Abba Kyari 500million grass cutting scam etc..

BTW, PMB and his govt has not told Nigerians in details how the money would be spent.. We all know this govt has no blueprint, just doing trial and error with us.

I am not in support of the Loan @least now

franciskaine:
go and do ur NIMC enrolment and stop over emphasising the issue of ID CARD. The loan is simply to help in infrastructure devt which will directly or indirectly aid in diversifying our economy. Every one wants diversification but none will consider the paucity of funds in diversifying. Unless we borrow, the infrastructural decay witnessed in Nigeria will continue for a long time. We need atleast 10,000mwt of electricity to bring us out of our power conundrum, where will the fund come from if not borrowing.

OlujobaSamuel:
publish the name of any opposition to this make we stone dem

Ranks007:


Bros humble yourself and learn about the evil process western powers (international bankers) use to cripple the economy and resources of nations!

shrewd1:
fix the holes in the basket first before going tohe stream to collect water. Mr Buhari